- 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.