Many individuals reaching this age have little to no retirement savings to rely on to make up the difference. Since elderly individuals living on modest fixed incomes spend, on average, $56 on groceries for a week, cuts of that size may mean foregoing food or needed medicine. Further, the inaccuracy of the current measure (CPI W), disproportionately harm demographic groups with longer life expectancies women, Asians and Latinos and all seniors who live beyond their average projected life expectancies.
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