Older Americans are sliding into poverty
Older Americans have been falling into poverty over the last few years, and many are struggling on Social Security.
The number of older Americans sliding into poverty has climbed after pandemic-era aid ran out, new Census data shows. After a dip during the Great Recession, the poverty trend for seniors was on the rise before the 2020 pandemic relief measures helped to blunt the effect. The most recent figures reveal older Americans aged 65 and over, now comprise 15.4% of the population living below the adjusted poverty line, up from 9.4% in 2020.
The overall poverty rate for all Americans rose from 9.1% to 13.1% over the same period. Social Security benefits often aren't enough to cover daily living costs, including Medicare premiums and caregiving expenses, leaving many seniors vulnerable. Recent interviews with elderly Americans revealed that many are forced to work low-paying jobs to make ends meet, with some working two part-time positions.
The rising cost of healthcare, soaring housing expenses, and lack of affordable retirement options are contributing to an increase in poverty among seniors.
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