I’m a Financial Planner: 4 Strategies To Navigate Tariff Impact While on Social Security
Written by
Nicole B. Simpson, CFP
Edited by
Rebekah Evans
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Senior citizens whose primary income is social security may be financially overwhelmed because of economic uncertainty due to the impact of tariffs on everyday products. Already on a fixed income with limited resources, the essentials are difficult to purchase due to rising inflation costs for food, housing, heating costs, etcetera.
According to the Social Security Administration (SSA), nearly half of the population of people aged 65 and older depend upon their benefits as half of their income and an additional 25% of the senior population rely upon it for almost 90% of their family income.Â
The tariff effect can quickly deplete already scarce resources quickly. It can leave you incapable of maintaining a comfortable standard of living when your social security benefits represent a significant amount of your monthly income. Luckily, below are four strategies you can implement to manage the cost.
Also here are other changes coming to Social Security.
Consider Purchasing Refurbished Items
Retirees may find themselves having to purchase high ticketed priced items that have been impacted by tariffs. A major way to cut the expenses for these necessary purchases is to research refurbished products available for sale. Oftentimes, they still offer warranties and they are less expensive than a brand-new item. Doing the research in advance will allow you to also inquire if there are additional rebates and incentives that further reduces the overall price. Rebates take time and you must offer proof of purchase, but the checks can come in handy when they show up in the mail.
Pay Attention to Senior Discounts
Many stores offer senior discounts when they shop at the outlet at a specific date and/or time. Other places, such as thrift stores and secondhand shops offer such incentives as well. For example, Kroger Family Stores, a national food chain, allows senior discounts when you visit the store on a specific date at an allotted time, subject to the store schedule. One would have to check their local listings, but even a minor discount helps absorb the impact of tariffs. In addition, those companies that cater to the senior demographic are also sensitive to the availability of the discounts. The hours are generally early in the morning at the beginning of the week to provide convenience to the seniors. While that may be a general practice, you must research each store to determine their schedule.
Ask for Help
It is true that the passage of the One Big Beautiful Bill Act (OBBBA) of 2025 will eliminate resources allocated to the Department of Health and Human Services. They fund programs that help senior citizens and children, such as Meals on Wheels and Supplemental Nutrition Assistance Program (SNAP). What is not clear yet is the impact of the bill to the programs so seek help. In addition, reach out to local food pantries and look for family support. Relying upon family members to stop by with a meal or requesting they purchase a few items can prove to be extremely helpful. Local church congregations are also willing to provide assistants for the elderly and youth within their communities.
Consider Part-Time Employment
There are several companies that willingly hire senior citizens offering them flexible hours that will allow an individual to work and still receive their full social security benefit without being potentially subjected to additional taxes. In addition, one can consider establishing their own business to generate income and give a senior the opportunity to do something fulfilling or meaningful at the later season of their life. Older workers bring value and experience to companies and working part time can prove to be mutually beneficial.
You may find yourself having to manage your resources more carefully during periods of economic uncertainty. These strategies will help guide you in the right direction to gain maximum use with your money.
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