I’ve heard a lot lately about “people on a fixed income” and have always wondered what that was. Is there an adjustable income available?

I worked for over 41 years for the same company and I always knew what my pay check was going to be — does that mean that I was on a fixed income? Now that I’m retired, I noticed that I received a COLA raise on my Social Security check this past January so I guess that it is not a fixed income — right? I mean, it changed so it’s not fixed. What is a fixed income?

I realize there are people that, if they work more than 40 hours a week, are paid overtime but if they don’t work the extra hours, their income is fixed. There are hourly employees that if they don’t work 40 hours a week, their income is less. There are also retailers, professionals, contractors, etc. that depend on their customers to “adjust” their income hopefully upwardly but the lack of customers means their income is adjusted downwardly. I’m sure some of them would like to be on a fixed income, especially during these lean times.

My main question is what does the term “fixed income” mean?  Does it mean any income no matter how high or low the income is as long as it doesn’t vary?

Just wondering!

Forest Persons

Natchez resident