Johnson compiled a list of spending categories that are likely to be the biggest challenges for older households in 2022:

Food. The USDA estimates that food-at-home prices are expected to increase between 1.5 and 2.5 percent, and food-away-from-home prices are expected to increase between 3 and 4 percent.
Rental housing. Rental increases appear to be coming in higher than normal in 2022 (7 percent and higher) in reaction to the expiration of eviction moratoriums that forced normal rent increases to temporarily be halted.
Owner housing. Mortgage rates are expected to rise in reaction to higher new home prices, the costs of building and materials, and rising interest rates. Higher prices also will mean higher local real estate taxes and insurance costs.
Home heating. With rising demand and shrinking inventories, the cost of heating a home with oil and natural gas this winter is expected to climb by about 21 percent to 25 percent.
Drugs. The Centers for Medicare & Medicaid Services estimates that prescription drug plan premiums will increase almost 5 percent in 2022, and the Part D out-of-pocket threshold before reaching the catastrophic phase of coverage is growing by 7.6 percent.

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