Since cost of living adjustments have been made to social security checks in order to accommodate inflation, seniors have received slightly more money each year in retirement. However, 2010 will mark the first year since these measures were enacted in 1975 that the checks were not increased, and 2011 seems to be another year where adjustments won't be made.
It is expected that this announcement will be made at some point this week and many of the 58 million seniors who will be affected have already began to try and cut back on everything from food to gas to charitable donations, according to The Associated Press.
"We've got a lot of bills to pay. Doctor's bills and everything. If we don't get a raise, our Medicare will be going," Lela Mann told ABC News.
Medical costs are the biggest concern for many seniors and hospital stays can be particularly expensive. Investing in a medical alert system may be one way to save, since patients with this device may be able to move back home after treatment faster than those who have no way to contact help if the need arises.
A personal emergency response system can also be instrumental in living safely, because it allows seniors to immediately notify caretakers or doctors if an unexpected medical problem occurs.