Senior Poverty Rates are Increasing as Social Security Coffers Continue to Shrink

The number of older Americans living in poverty continues to climb.

NewsNation reports that the poverty rate for Americans 65 and older jumped to 15.4 percent last year, the highest of any age group, according to the U.S. Census Bureau’s annual poverty report. It was less than 10 percent in 2020. Seniors are the only group whose poverty rate has risen over all five years.

The article notes that without Social Security, senior poverty could have been even higher. The Census Bureau says the program is responsible for lifting 28.8 million people above the poverty line.

The Seniors Trust is committed to improving the well-being of older Americans. We are doing that financially by encouraging lawmakers to enact the Social Security Expansion Act. This landmark piece of legislation will give retirees an immediate increase of about $200 a month in benefits, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.