Key Insights

• Overview
• Over 15 million seniors in the U.S. are economically insecure.
• Nearly 50% of seniors rely primarily on Social Security for income.

• By 2033, the number of homeless elderly Americans could triple.

• Impact of COVID-19

• The monthly poverty rate for seniors rose from 15.7% to 16% during the pandemic, a smaller increase than for other demographics.

• Seniors experienced heightened food insecurity and isolation due to pandemic restrictions.

• Role of Social Security

• Social Security keeps 21.7 million people out of poverty, with seniors making up 70% of beneficiaries.
• Average annual Social Security benefit: $18,170.
• Buying power of Social Security has declined by 30% over 20 years, even with cost-of-living adjustments.

Demographics and Trends

• Gender and Age Disparities
• Women over 80 have the highest senior poverty rate (13.5%).

• 19% of women over 80 living alone are in poverty compared to 22.5% of never-married men over 65.

• Health and Poverty

• 6 in 10 seniors in fair/poor health live on incomes below 200% of the poverty level.

• Poor health correlates with limited access to food, housing, and medical care.

• Housing and Homelessness

• Seniors have the highest risk of spending over 30% of income on housing costs.
• By 2030, NYC"9s homeless population over 50 could reach 25,000.

Historical and Future Projections

• Silver Tsunami
• The U.S. is experiencing a surge in its aging population, with 10,000 baby boomers turning 65 daily.

• By 2030, all baby boomers will be over 65.

• Social Security Sustainability

• Social Security reserves may be depleted by 2035 under current tax and benefit structures.
• The number of retired workers is projected to double within 50 years.

Understanding Poverty Measures

• Official vs. Supplemental Poverty Measure (SPM)
• Official poverty rate for seniors: 8.9%.
• SPM-adjusted poverty rate: 12.8% (accounts for medical expenses and geographic living costs).
• Poverty statistics do not account for institutionalized seniors in nursing homes or prisons.

Bottom Line

Elderly poverty is a growing crisis influenced by health, housing, and reliance on Social Security. Structural changes are needed to address challenges like declining Social Security buying power and rising senior homelessness. Planning for senior care is vital to mitigate these impacts. "

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