One in Three: The Financial Reality of Growing Older in America
Hi friend,
I want to share a number with you — not to worry you, but because I think most of us have never really looked at it squarely.
17 million Americans over 65 are economically insecure. That’s roughly one in three seniors, living below 200% of the federal poverty line. And the line is closer than most people think: the 2024 threshold is $30,120 a year for a single person. Median income for older adults sits just under that — at $29,740.
This isn’t a fringe problem. It’s the quiet financial reality for a large share of the people living in our neighborhoods.
💸 One big idea: “economically insecure” looks different than you think
When most people picture financial hardship, they imagine dramatic situations. The truth is usually quieter — and more common.
About one in four older adults reports skimping on food, utilities, clothing, or medication because of healthcare costs. That’s not a crisis you’d necessarily notice from the outside. It’s the heating bill that goes unpaid one month. The prescription that gets refilled every other month instead of every month. The grocery cart that looks fine until you see what’s missing from it.
The National Council on Aging tracks this closely and finds that the problem clusters around predictable vulnerabilities: women earn roughly $3,900 less per year in retirement income than men (a lifetime of wage gaps following them into old age), and older adults of color face economic insecurity at rates approaching 43–44% — more than double the rate for white seniors. The national average hides a lot of variation.
And debt? It doesn’t disappear at 65. Over 62% of households headed by a senior carry debt, with a median balance of $34,000. Just over half of people between 55 and 74 have any retirement savings at all.
🌟 One win: most people who need help aren’t looking for it
Here’s the hopeful flip side: a large amount of help exists — and most people who would qualify have no idea. The National Council on Aging runs BenefitsCheckUp.org, a free, confidential tool that connects older adults with nearly 2,000 public and private benefits programs. It covers Medicare drug costs, property tax reductions, utility assistance, food, phone, and in-home services.
The average person who uses it discovers meaningful benefits they weren’t claiming. These aren’t complicated programs — they’re things that exist because legislators and communities decided older adults deserve a floor of security. Using them is smart, not shameful.
🎯 One thing to try this week
Go to BenefitsCheckUp.org and run a search. You’ll need a ZIP code, a rough income range, and whether you rent or own. Takes about 15 minutes. Even if you find nothing — you’ve confirmed you’re in good shape. That’s worth knowing.
If you’re comfortable, do it for a parent, a neighbor, or a friend who might not think to look. The programs won’t find them. They have to find the programs.
Age boldly, Robert
Sources: National Council on Aging, “Get the Facts on Economic Security for Seniors” (2024); U.S. Census Bureau, Current Population Survey; Federal Poverty Guidelines, U.S. Dept. of Health and Human Services (2024).