“It is a common misconception that Social Security and Medicare will magically meet all of a person’s requirements once they reach retirement age. The unfortunate truth is that they do not, and far too many people are just one financial emergency away from becoming economically insecure.”
According to statistics that were released on Monday, approximately half of senior citizens living alone in the United States are unable to afford their basic necessities. These findings highlight the need for legislation to expand Social Security and reduce the cost of prescription drugs.
“My primary concerns are that I will become ill or that I will no longer be able to afford to live in my home. I am well aware that the cost of my medical care could quickly put an end to my financial stability.”
According to the Elder Index, which is a project of the Gerontology Institute at the University of Massachusetts Boston, 54 percent of older women in the United States who live on their own are considered to be poor according to federal standards, while 45 percent of older men in the same situation are considered to be poor. The percentage jumps to 24 percent for couples who are both above the age of 50.
In response to the report, the Alliance for Retired Americans tweeted, “The Elder Index confirms what we already knew: The cost of living is just too high for older Americans, and their earned benefits aren’t keeping pace with these costs.” This was in reference to the Elder Index, which found that the cost of living for older Americans is just too high.
In an interview with Kaiser Health News (KHN), Ramsey Alwin, president and chief executive officer of the National Council on Aging, stated that the organisation aspires to encourage an in-depth discussion regarding “the true cost of ageing in America.”
Alwin stated, “It’s a common misconception that Social Security and Medicare would magically take care of all of a person’s needs once they reach retirement age.” “The unfortunate truth is that they don’t, and far too many people are just one financial emergency away from becoming economically insecure.”
According to what William Arnone, the Chief Executive Officer of the National Academy of Social Insurance, shared with KHN, “The poverty rate does not even come close to providing a realistic picture of the challenges faced by people of retirement age. A reality check is provided by the Elder Index.”
KHN spoke with Fran Seeley, a retired schoolteacher in Portland, Maine, who is 81 years old and whose monthly income includes $925 from Social Security, $287 from an individual retirement account, and $400 from a reverse mortgage. The index estimates that an older adult in excellent health who resides in their own house and makes no mortgage payments requires a yearly income of $22,560, which is significantly higher than Seeley’s annual salary of $19,300.
Seeley stated that she would have to reduce her spending “in any way that I can” due to the high rate of inflation that was further stressing her budget.
She shared with KHN that her “greatest worry” was either being ill or losing the ability to afford to continue living in her home. I am aware that the cost of my medical care could quickly put an end to my financial stability.
The Equity in Aging Collaborative is a new initiative that was started by 25 advocacy groups with the goal of “addressing issues of poverty among older adults who have and continue to face inequities across their lifetimes.” The Equity in Aging Collaborative intends to use the index to influence lawmakers to enact laws and policies that ease the financial burden of ageing in order to make use of the index.
H.R. 5723, also known as the Social Security 2100: A Sacred Trust Act, was first proposed by Representative John B. Larson (D-Connecticut) in October of last year. If the bill were to be enacted in its current form, it would, among other things, increase programme benefits, provide protection against inflation, eliminate the waiting period of five months for disability benefits, and strengthen the Social Security trust funds.
In the meantime, the pharmaceutical industry is actively working to derail a more moderate proposal put forth by Senate Democrats to bring down the cost of prescription drugs by mandating that Medicare engage in direct price negotiations for a subset of available treatments.
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According to recent polls, voters are solidly in favour of extending Social Security benefits and granting Medicare the authority to negotiate lower medication prices. Recent research conducted by Data for Progress found that among all probable voters in the United States, 76 percent of respondents supported the first policy, while 83 percent supported the second idea.
