Dagen McDowell warns that the new cost‑of‑living adjustment will accelerate the Social Security fiscal crisis, as retirees face a projected 22% benefit cut by 2032 due to a collapsing worker‑to‑retiree ratio.
Social Security Faces 22% Cut by 2032
McDowell cites a deteriorating worker‑to‑retiree ratio that will force the program to reduce payments unless reforms intervene, according to her analysis.
Food Inflation Remains Elevated
The latest Bureau of Labor Statistics consumer price index shows overall food prices up 2.5% year‑over‑year, with food at home rising 1.8% and food away from home climbing 3.5%.
Persistent inflation above the Federal Reserve’s 2% target since the pandemic continues to strain household budgets, especially for grocery items.
Consumer Strategies to Trim Grocery Bills
Kelli Smith, executive director of financial planning at Edelman Financial Engines, advises shoppers to create a weekly grocery list tied to a meal plan, making substitutions when cheaper alternatives such as store brands or sale proteins are available.
Smith adds that buying staple items in bulk can yield savings, provided the products will be used before expiration, and that digital coupons through retailer apps can further reduce costs.
She cautions that coupons should not drive unnecessary purchases, and that rewards programs are valuable only when they align with regular spending habits.
Retailers Offer Low‑Cost Thanksgiving Options
Ted Jenkin, president of Exit Stage Left Advisors, recommends checking pantry, refrigerator and freezer contents before shopping and limiting store trips to once weekly to avoid impulse buys.
Jenkin stresses the importance of comparing unit prices rather than assuming larger packages are cheaper, and advises proper storage of raw meat, milk and produce to prevent spoilage.
Sam’s Club aims to keep its Thanksgiving meal under $10 per person, while Costco offers a $200 bundle serving eight with turkey, sides and desserts, both designed to ease holiday budgeting amid inflation.
