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Posted on 09/27/2026 6:54:59 AM PDT by devane617
More Americans are spending their golden years in poverty.
According to the newly released US Census Bureau report on poverty, household income reached a record high last year and the overall poverty rate fell.
But the tale is the opposite for seniors. Poverty among Americans age 65 and older rose for the fifth consecutive year and has jumped roughly 45% since 2019 — the highest rate of any age group, an AARP Foundation analysis found.
That translates to 10 million seniors living in poverty, up from 5.1 million seven years ago.
"No other age group has seen that same pattern, and that should really stop us in our tracks. It's alarming," AARP Foundation president Claire Casey told Yahoo Finance.
(Excerpt) Read more at yahoo.com ...
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The 401K solves this problem, and virtually nobody has the will to save or risk tolerance for stocks required to retire vastly wealthy.
I have to say 401Ks are a failure on a psychological basis. They are a perfect financial vehicle mere humans cannot fathom or stomach.
Sad!
So many people who had huge incomes have saved nothing and will die paupers.
Pluswhich:
They will complain about me having behaved properly and come to steal what I created.
Just watch.
The post Boomer generation already hate us, so I don’t expect anything to be done.
AARP = AARLP =
American Association of Retired LIBERAL People.
Even those of us that saved considerable sums saw the 2012 to 2022 decade as 1% investment increase years on what risk we could tolerate at the time. Hind sight is 20/20 — if I knew then what I know now.
Agreed. 2020 was the killer. Excellent stocks held for longterm as investment vehicles that were supposed to be stable like real estate trusts and corporations like ATT nosedived and in many cases have not recovered.
Losing decades of investment dollars overnight does not mean an elderly person can make it up on the next stock run. Between that, and inflation and the awful rise of property tax burdens on houses that no one wants to buy is creating a whole lot of very poor seniors.
And before the usual suspects chortle over the mistakes of their elders, I would like to say, you have seen nothing yet of the disaster in the making economically should the left regain power.
Biggest problem I’ve noticed (as a senior on SS) is the outrageous prices on some items that might not be showing up on certain other items. In other words, inflation is completely out of hand on certain things, but not everything.
If we do get a raise, it is oftentimes completely eaten up by the increases in Medicare. Inflation seems to be just whatever some wholesaler/retailer wants to make it; there are no apparent rules. This is just unworkable for many seniors on fixed income.
AARP/Yahoo =Rats.
> The 401K solves this problem… <
Yep. And you’re right about the risk tolerance thing. But there is a way around that, kinda. There are now mutual funds that automatically diversify based on the year you plan to retire.
So a young person would be mainly in stocks. As he ages, the fund slowly moves him into safer investments.
The key is to set it, then forget it.
John Bogle (the founder of Vanguard Funds) once said not to worry about daily price moves. Check your funds only twice a year. Rebalance as necessary. But with these “target” funds, you don’t even have to do that. They rebalance for you.
Just my opinion, based on more than one misstep in my younger years.
As a retired person, my biggest headache is rapidly increasing property taxes.
All the Stock Market is is smoke and mirrors as we are 41.5 trillion in debt and Trump is a big spender like all Politian’s are... I rather suspect we are on the edge of a great collapse in the next year or so better hang on as the music is about to come to a screeching halt...and many will be left without a chair.. Alone with the Stock Market...
I never earned more than 115K until retirement. Saved a minimumm of 20K a year from the time I was 35 on and that included some pretty lean years. I invested broad spectrum (some stocks, bonds, mutual funds etc.) Retired for two years now and a millionaire twice over. Point being, “it can be done”!
ps Couldn’t have done it without a wife that was more frugal than even myself.
There is help on the horizon, I saw a headline recently, something about old people getting MAIDs or something.
We did all those things, but here in Florida our property tax, home insurance and auto insurance has taken almost all disposable income. Add gas and grocery prices on top of those items and we are upside down.
It was largely the boomers who offshored our economy to China for the promise of “benefits to the consumer”. How did that work out?
later
Apparently I have lived below the poverty rate for most of my life and never noticed. Living below your means and not expecting to live like people on TV goes a long way.
Old people don’t earn income typically like when younger
I sure don’t
It’s just life
Fixed income and rising prices is not a good combination.
It’s going to get a whole lot worse b/c I understand people aren’t (or can’t) saving for retirement like they used to.
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