Poverty Ticked Up Among US Seniors In 2024

Poverty rates ticked up among seniors in the United States in 2024, according to new data released by the U.S. Census Bureau on Tuesday.

This article was originally published by ZeroHedge.

As Anna Fleck shows in the chart below, last year, 9.9 percent of U.S. adults aged 65 and older were experiencing poverty, up from 9.7 percent in 2023.

You will find more infographics at Statista

Poverty rates were highest among under 18 year olds, although the situation improved marginally for the group from 15.3 percent in 2023 to 14.3 percent in 2024, as well as for the 18 to 64 year olds, dropping from 10 percent to 9.6 percent in this period.

This chart looks at the official poverty measure, which is based on pre-tax cash income and continues to be used as a benchmark for tracking broad national economic trends over time.

In 2009 an additional measure was introduced, called the supplemental poverty measure (SPM). Unlike the official measure, the post-tax SPM takes into consideration factors such as food and housing subsidies and medical out-of-pocket costs, comparing it with a poverty threshold that reflects actual spending, while also taking into consideration regional differences in housing costs. In 2024, the SPM rate for seniors ticked up to 15 percent from 14 percent in the two previous years. By this measure, the 65 year olds and up marked the highest poverty level among all age groups.

The increase is is partly attributed to assistance programs from the pandemic years ending as well as inflation.

After seeing Tuesday’s figures, the rights group National Council on Aging (NCOA) released a statement warning that continued cuts would have serious detrimental effects for senior Americans.

“When we lifted up individuals and families during the pandemic, poverty among older Americans went down to 9.5 percent. When that help went away, poverty increased,” said Ramsey Alwin, president of the group.

“Programs like the Supplemental Nutrition Assistance Program (SNAP), Medicare Savings Programs (MSPs), and Medicaid provide much-needed assistance that must continue. But the recently enacted cuts to SNAP will increase hunger among older Americans and the recently passed Medicaid cuts will lead to a sicker older population.”

The NCOA is calling for Congress to reauthorize and fully fund the Medicare Improvements for Patients and Providers Act (MIPPA), which helps Medicare’s low-income beneficiaries afford health care and prescription drugs.