The Price of Poverty: Seniors are feeling the squeeze

Nearly five million American seniors across the U.S. are living below or at the poverty line. And according to the latest Census data, a million new seniors have fallen into poverty over the course of the past year.

Sandy Kirk is living on social security in Marion, Virginia. She had two knee replacements that forced her to drain her 401k and require costly medical treatment that is partially covered under Medicaid.

“I think America needs to take care of its own first. It’s just not happening. There are elderly, including veterans, that are living on the streets. We need to take care of our own,” Kirk told 1A.

The Social Security administration recently announced benefits for the 2023 calendar year will increase by 8.7% to adjust for the surging cost of inflation. Medicaid premiums are set to decrease by a similar amount as well.

But Kirk argues those changes are simply to keep up with the rising costs of everything else and don’t fundamentally improve her living situation. We explore the challenges facing too many older Americans.