The timing could not be worse. The number of older Americans living in poverty is climbing just as the Social Security trust fund is nearing depletion.
NewsNation reports that the poverty rate for Americans 65 and older jumped to 15.4 percent last year, the highest of any age group, according to the U.S. Census Bureau’s annual poverty report. It was less than 10 percent in 2020. Seniors are the only group whose poverty rate has risen over all five years.
Senior poverty could be even worse if it weren’t for Social Security. The Census Bureau says the program is responsible for lifting 28.8 million people above the poverty line. That’s one of the biggest reasons we need Social Security reform now — to ensure this critical program is around for generations to come.
Council of Seniors Is Here To Help Older Americans
All of us here at the Council of Seniors want to improve retirees’ financial futures and ensure they receive their full Social Security benefits. We are working with members of Congress to introduce the “Social Security Restitution Act.” It would provide an estimated $970 one-time payment to every retired worker receiving Social Security benefits to help offset years of inadequate cost-of-living adjustments.
Please take a moment and sign our petition today to show your support.