OPINION: Social Security falls well short of the needs for basic economic security in most counties by $1,000 a month, and fails to respond fast to surges in the cost of living. Here are a few steps to reduce the 10% poverty rate among people over 65.
The Social Security Administration recently announced a cost-of-living adjustment of 8.7% for an estimated 70 million Americans collecting Social Security benefits.
Recent Census data show a troubling rise in the number of Americans over 65 years of age living in poverty — that figure rose to 10.3% in 2021, from 8.9% in 2020 — even as overall poverty continued to decline. Historically, marginalized communities are particularly vulnerable; consider the cumulative effect of the lower wages and benefits that persist for women and people of color, who are at greater risk of aging into poverty. This trend shows no signs of abating. The “gig economy” and rise of contract work may be a boon for highly educated knowledge workers, but it also has accelerated the long-term decline in employers providing basic health and financial security to workers.
1. Focus on economic empowerment Think of the countless ways the world of work has shifted in the past three years, let alone since the FDR era. It’s long past time to revisit policy aspects of our legacy safety net programs. We should consider steps like “longevity dividends” for beneficiaries who hit a certain age and who may be at greater risk of depleting their personal savings .
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