Senior poverty rates increase amid rising healthcare and living expenses

The short version

• The poverty rate for Americans aged 65 and older grew from 9.4% to 15.4% after accounting for government benefits and tax credits.[Business Insider]
• Rising healthcare costs and housing expenses are straining retirement finances, pushing about 2.5 million seniors into poverty due to medical bills in 2025.[Business Insider]
• Although Social Security kept nearly 21 million older adults out of poverty, benefits often fall short of basic living costs, leading many seniors to seek low-paying work.[Business Insider]

Key facts

• The adjusted poverty rate for Americans aged 65 and older increased from 9.4% to 15.4%.[Business Insider]
• Medical expenses pushed roughly 2.5 million seniors into poverty in 2025, an increase from 2.36 million in 2024.[Business Insider]
• Social Security kept nearly 21 million seniors out of poverty in 2025, though many recipients struggle with everyday expenses.[Business Insider]
• Over one-third of older American households spend at least 30% of their income on housing costs.[Business Insider]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.

• Older Americans are sliding into povertyBusiness Insider metered