According to 2019 census data, 10% of those 65 and older fell below the official poverty measure. However, that number rose to 14.4% by 2020. A big reason for this is that older people are more likely to use costly services like staying overnight in a hospital or a skilled nursing home.
What is most distressing about those stats is not the increase but why we have the increase. Clearly, the issue is the Baby Boomers are overpowering the system. With 10,000 of us daily joining the ranks of social security, that percentage will surely increase. Simple math will estimate that the 14.4% will increase until the trailing end of this generation. Those drifting into poverty for the balance of their lives until death could grow as high as 20% or higher. In numbers of actual people, this is a huge volume of people in poverty.
While a greater number will be in poverty, demand for social services will demand more government services, which will take a larger bite out of state and federal budgets. Where will the money come from?
More and more people looking at retirement will be forced to flock to safety and security, combining that demand with very low-interest rate options, places yields less than estimated inflation. The horror of the situation is simple, many people trying to save will look at a greater and increasing loss of purchasing power and force many to stand on the brink of poverty.