More than 15 million older people had earnings below 200 percent of poverty in 2017, according to the official poverty measure (30.1 percent), a figure that rises to more than 21 million (42.0 percent) according to the Supplemental Poverty Measure (SPM).
In 2019, the poverty rate among those aged 65 and over was 8.9 percent, which was lower than the poverty rate among people aged 18-64, which was 9.4 percent, and the poverty rate among children under the age of 18 years, which was 14.4 percent.
Using the Supplemental Poverty Measure, we may examine the impact of Social Security on poverty.
|Effect of Social Security on Poverty (Supplemental Poverty Measure), 2018|
|Percent in Poverty|
|Adults Ages 18-64||16.2%||12.2%|
|Elderly Age 65 and Over||47.5%||13.6%|
|Total, All Ages||21.2%||12.8%|
With a poverty rate of 15.7 percent for male Americans and 16.4 percent for female Americans in 2020, persons under the age of 18 in the United States had the highest chance of becoming poor. Individuals between the ages of 65 and 74 years old had the lowest rates of poverty for both sexes, according to the data.
The official poverty rate in 2020 was 11.4 percent, an increase of one percentage point over the previous year. This is the first time that poverty has increased in five years, following five years of straight reductions. In 2020, there were 37.2 million people living in poverty, an increase of nearly 3.3 million over the previous year.
Korea (46 percent), Latvia (27 percent), Australia (26 percent), and Mexico all have extremely high poverty rates among those over the age of 65, according to the most recent available data (26 percent ).The Czech Republic, Denmark, France, Luxembourg, the Netherlands, and the Slovak Republic, on the other hand, have the lowest poverty rates in the world, with all of them falling between 3 percent and 4 percent.
Age distribution of the population aged 65 and above in 1990, 2000, and 2010.
|Age||1990||Percent of U.S. total|
|75 to 79 years||6,121,369||2.4|
|80 to 84 years||3,933,739||1.9|
|85 to 94 years||2,829,728||1.6|
The Senior Citizen Population in the United States In the United States, the population over the age of 65 totalled 54.1 million people in 2019. (the most recent year for which data are available). They accounted for 16 percent of the population, or more than one out of every seven people in the United States.
Interestingly, Mississippi, which has the highest poverty rate of any state, has actually seen its share of people living below the poverty line decrease from 22.6 percent in 2014 to 20.3 percent in 2019. This is a significant improvement, but it still represents slightly more than a fifth of the state’s total population.
The number of elderly people living in poverty is increasing. Pensions are disappearing, and retirement benefits are inadequate, causing more elderly Americans to be left behind. Women, particularly women of color, are more likely than males to fall into poverty as they get older.
In 2019, the American Community Survey recorded a poverty rate of 12.3 percent for the United States, compared to 10.5 percent in the CPS ASEC.
The Columbia team calculated that poverty in 2021 reached a peak of 14.3 percent in February and fell to 9.3 percent in March, the lowest level of the year, as a result of families receiving economic impact payments, as well as income tax and child tax credits, according to the team’s calculations.
The official poverty rate in 2020 was 11.4 percent, an increase of one percentage point from the previous year’s figure of 10.5 percent. This is the first time that poverty has increased in five consecutive years following a five-year reduction (Figure 8 and Table B-4).
During the second half of 2020, according to research by economists Bruce Meyer of the University of Chicago and James Sullivan of Notre Dame, the poverty rate will rise by 2.4 percentage points, as the United States continues to face the economic ramifications of Covid-19.
In most nations, the likelihood of being poor increases with age. They are less able to work than younger older people; they are more likely to have squandered their resources; and they are more in need of age-appropriate health and long-term personal care services than younger older people (those under the age of 80 years). 4.
Additionally, and similar to the official poverty measure, the supplemental poverty measure discovered a rise in the number of persons aged 65 and older living in poverty – an increase of 662,000 people.
Poverty rates among persons under the age of 18 climbed from 14.4 percent in 2019 to 16.1 percent in 2020, according to the United Nations Development Programme. For adults aged 18 to 64, the poverty rate grew from 9.4 percent in 2019 to 10.4 percent in 2020, according to the latest available data.