Soaring inflation eating away Americans' retirement savings: report

WASHINGTON, April 21 (Xinhua) -- The most severe inflation in four decades has been particularly burdensome for older Americans, as it is eating away their limited savings, Fox Business News has recently reported.

Many of the country's 56 million residents aged 65 and up are relying on a fixed income and limited savings, and need to maintain their same level of purchasing power to cover monthly expenses for a prolonged period of time, the report said, citing Mary Johnson, a social security analyst for the Senior Citizens League.

"If (older people) have any retirement savings whatsoever, inflation can dramatically lower what's in their savings account," Johnson said.

There are about 12 percent of older adults who live solely on Social Security, the report said.