The Census Bureau’s poverty report revealed good news about most age groups in the United States. However, it showed that older Americans are slipping into poverty.
Although report showed an across the board decrease in poverty levels, it revealed Americans aged 65 and older are the ones experiencing a significant increase in poverty.
“Individuals ages 65 and older had the unique distinction of being the only population segment to experience a significant increase in the number of individuals in poverty, with 367,000 more older Americans in poverty in 2016," Ashley Edwards, Adam Bee and Liana Fox of the Census' Social, Economic and Housing Statistics Division wrote in an analysis of the latest Census report.
There can be a number of reasons for the trend, and one of them could be aging of the Baby Boomers. This generation consists of people born between 1946 and 1964 and they make a substantial portion of the world’s population, representing nearly 20 percent of the American population.
However, other reasons may include longer life spans, elevated healthcare costs and inadequate safety nets.
The supplemental poverty rate also increased from to 3.3 percent in 2016 from 2.8 percent in 2015. The measure takes into account government benefits and necessary expense that are not included in the official poverty measure. In 2016, the measure identified 44.6 million people as poor.
The report further said, “While the change in the official poverty rate among those ages 65 and older was not statistically significant, the supplemental poverty rate for older adults increased by 0.8 percentage points in 2016.”
Watch the video above to find out more.
Thumbnail Credits : Reuters, Christian Hartmann