- Last year, more than 1 million older people fell into poverty. It was the only age group that rose.
- Things could get even worse as inflation surges to its fastest pace in 40 years.
- Congress needs to act with targeted support to coordinate future COLA calculations, proponents say.
Seniors are not okay.
More than 1 million people aged 65 and over fell into poverty last year, with the poverty rate rising to 10.3% from 8.9% in 2020, the highest since 2002, according to the latest Census Bureau data. I’m here.
This is in stark contrast to the 4.5% drop in child poverty to a record low of 5.2%. Moreover, the elderly are the only age group that has experienced an increase. In total, about 6 million older people live below the poverty level.