Seniors are the only age group with more poverty. Here’s why

Posted on October 6, 2022Comments Off on Seniors are the only age group with more poverty. Here’s why
  • A million more seniors fell into poverty last year. It was the only age group that saw a rise.
  • It’s likely to get worse as inflation soars at the fastest pace in 40 years.
  • Congress needs to act with targeted help now and adjust future COLA calculations, advocates say.

The seniors are not all right.   

A million more seniors age 65 years and older fell into poverty last year, boosting the percentage in poverty to 10.3%, from 8.9% in 2020 and the highest level since 2002, according to the latest Census Bureau data.

That’s in stark contrast to the 4.5-percentage point drop in child poverty to a record low 5.2%. And even more telling, older adults are the only age segment that experienced an increase. In total, almost 6 million older adults live below the poverty level.   

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Comments Off on Seniors are the only age group with more poverty. Here’s why