Senior Poverty Hits Five-Year High as Fixed Incomes Lag Behind Costs
Census data reveals a 20% jump in poverty rates for those over 65, even as national poverty rates decline.
By Luana Sato ·
Poverty rates for Americans over age 65 have increased for the fifth consecutive year, according to new Census data. The rise in senior poverty occurred despite a drop in the overall national poverty rate. Claire Casey, president of the AARP Foundation, identified affordability as the primary concern for older adults. She noted that the poverty rate for people over 65 has climbed by 20 percent.
AARP’s Economic Security Monitor reports that 70 percent of older households experienced rising expenses over a three-month period. Anthony Hamalainen, 67, lives in Marquette, Michigan, and represents the demographic hit hardest by these financial shifts. He stated that seniors on fixed incomes face the most severe difficulties compared to other groups. Hamalainen said, “I mean, I’m sure there’s other people are struggling too, but the seniors are really hitting it really super bad because they live on a fixed income. Most of them do.”
Hamalainen previously owned a wireless installation company. A fall from a roof in 2006 left him unable to work. When he attempted to re-enter the workforce in his 50s, he faced barriers related to his disability and age. He began receiving Social Security following the accident, but medical bills and other costs accumulated over time. He currently survives on just over $1,000 per month, supplemented by $40 in SNAP benefits. He said, “I run out of money each month. I mean, it’s just ridiculous. It’s really hard for us to live.”
Casey advised older adults to focus on their capabilities rather than their age. She suggested seeking out available resources to support their goals. She said, “I would say don’t think about an age. Think about what you want in your life and what you can do and then seek out the resources that are out there to help you.”
Hamalainen is currently training with AARP to assist other seniors in finding employment. The organization provides free resources for older adults struggling with bill payments. AARP also recommends that individuals check with local, state, and federal programs for additional assistance.
The data indicates a persistent gap between the financial stability of the general population and that of older Americans. The five-year trend shows a consistent upward trajectory in senior poverty levels. These figures reflect the ongoing impact of inflation and fixed income limitations on the demographic.
