Senior citizens are losing money

DEAR EDITOR:

The Federal Reserve Bank states that a 2 percent inflation rate is healthy.

We seniors have a 2 percent increase in our Social Security. Big deal. (COLA provides increase in Social Security to offset inflation for recipients).

All our funds rely on the supplement of our Social Security, while those funds lose their value.

Seniors’ money, as a whole, because of reduced purchasing power, is worth less than it should be worth, anyway.

This is ridiculous. Banks are only paying 1.5 percent max. So seniors are also losing 0.5 percent on money in their savings accounts.

Seniors lose either way, through Social Security, which is losing in one bank, and through savings, which is losing 0.5 percent (banks pay on average 1.5 percent interest) in the other.

GEORGE R. HOLKO SR.

Warren

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