Posted on 10/21/2022 9:28:03 AM PDT by devane617
A terrible thing is happening to America’s seniors.
While overall poverty rates in the United States are falling, they are rising for Americans over age 65.
That’s according to the latest U.S. Census Bureau data, which says the share of older people living below the poverty line rose to 10.3% in 2021, up from 8.9% in 2020.
The increase means that an additional 1 million older adults have fallen below the poverty threshold, bringing the total number of seniors in that unfortunate category to nearly 6 million, according to an analysis by the National Council on Aging (NCOA).
“We are deeply dismayed,” says Ramsey Alwin, NCOA’s president and CEO, in a statement. “This increase shines a glaring spotlight on the fact that Social Security and Medicare, the bedrock of retirement security for so many, are not sufficient to lift all older adults above poverty.”
Also dismayed—but not surprised—is Mary Johnson of the Senior Citizens League, a Washington-based advocacy group. “The Census Bureau report confirms what we have been fearing,” she tells MarketWatch. “Our surveys in 2021 and 2022 have indicated that a rising number of retirees report that they have spent through emergency savings and have applied for safety net programs. In fact, the number of survey participants who say they have applied for SNAP or visited a food pantry over the past 12 months is 33% compared to 22% a year ago. The number who say they have applied for rental assistance has almost doubled, from 5% in 2021 to 9% in 2022. Those who have applied for heating assistance up from 10% to 17%.”
(Excerpt) Read more at marketwatch.com ...
Let’s see: fixed income vs. Bidenflation. Which one do you think will win that round?
Be sure to take Medicare Parts A B C D etc and get an Advantage plan.
If you do not take B, C, D, etc you will be penalized later by some secret formula times the number of years you waited. So for instance your Part B might be $150 a month now, but wait a few too many years and it could be more than double - same for the other scam Part charges.
We’re back to where we were in the 1970s, when the cliche extreme was seniors eating canned dog or cat food
—
Too expensive now with the huge pet demand. Sardines are $1-1.20 and affordable. Better for you than pet food.
Winner is buy sardines - cat and dog food too expensive.
The new elite, government workers on defined benefit pension plans getting annual income only a 2 million dollar 401k can produce. And folks, that's fuzzy math because these DB plans don't have those sort of assets.
Not “Seniors”, more likely WHITE Seniors....
Yes—pet food way up with lots of canned shortages!
his company went bankrupt so he gets a small check from the pension guarenty board....
then its SS....
we both worked hard for many decades....I worked until I was 67 ....
I saved regularly for my retirement with the hospital kicking in as little as they could get away with...
we did the dollar cost averaging good growth mutual funds bit...
so big deal....we followed all the sound financial advice and look what has become of our retirement......its sinking like a lead balloon....
our biggest problem is our home...our 5 acre homestead with a big shop and a regular meat shop and a walk in smoker and a big garden....
we are being killed by property taxes....
we can't claim low income because our income looks higher because we take money out to afford the property taxes....
this is what playing by the rules gets you.
Yep. The SS Lady told me all of that, too. They will sign me up automatically when I hit 65, and she advised taking A (which you immediately get) and also take B then, or face penalties, later if I change my mind.
Yes, I plan on signing up for everything. As a Vet, I can use my VA Hospital for the rest of my life, but it would be much nicer to stay local (we have an excellent hospital) and NOT have to drive an hour into ‘The Belly of the Beast,’ which is Madison. ;)
penalty for D also
Many of them undoubtedly voted for Biden. And if they did, they deserve what they get.
All part of the kinder gentler genocide from loving left.
I retired 14 years ago and made certain I was in good shape financially. No problems till Biden came in. Now I can barely cover my bills. I even did OK under Obama, hard to believe.
“I retired 14 years ago and made certain I was in good shape financially.”
My exact case too.
Costs for everything from housing, taxes, groceries, gas and insurance have skyrocketed. Sure, medical care for us recent po foks is close to free. Rent is going up up up. From 300 in 2014 to 488 in 2022. That is more than 50%, and for a stinking lot for my MH. Utilities are running $230 a month, for a 2 bed 2 bath newer unit with a heat pump. In WA we are transitioning from legacy power production to wind and solar.... WHOOPEEE .... I wonder what that will do to availability and price? We had two....2 local coal fired power plants that were recently transitioned to NG. 1/1/20 one of them was shut down. 1/1/23 the last one will go bye bye.
Sorry, just venting.
I was in pretty good shape until 2012. Without going into specifics, my divorce began without my knowledge as joint bank accounts were drained. Close to $200K disappeared from my business savings account and I had no recourse. I literally did not have the money to hire a lawyer.
It doesn’t matter if you have a good wife or husband. Make sure all liquid assets are in an account that requires both signatures to access them.
I could vent too.
Thanks, Dubya! *Rolleyes*
Yep. I’ll sign up for it all and let God sort it out. ;)
Yes, for us as well. The increases are pretty shocking. And it is maddening that the assessor rushed out to up everyone’s valuations during that brief housing run from last year, and now we are stuck with the higher taxes and higher insurance, even if market values actually go down.
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