Poverty among Americans 65 and older reached 15.4% in 2025 under the Supplemental Poverty Measure, the highest rate among all age groups, according to the U.S. Census Bureau. The rate has risen each year since 2020, when it stood at 9.4%, while other age groups experienced a decline in poverty in 2021 before seeing rates rise again.

The Supplemental Poverty Measure differs from the traditional poverty measure by accounting for government benefits as well as expenses such as taxes, work costs, and medical expenses. The Census Bureau reported that the overall SPM poverty rate was 13.1% in 2025, essentially unchanged from 2024.

Social Security remains a major factor keeping older Americans above the poverty line. The Census Bureau found that Social Security moved 28.8 million people out of SPM poverty in 2025, making it the nation's largest antipoverty program. More than 70% of those lifted above the poverty line were 65 or older.

That safety net is facing a long-term financing problem. The Social Security Administration's 2026 Trustees report projects that the Old-Age and Survivors Insurance trust fund will be depleted in the fourth quarter of 2032. At that point, continuing program revenue would be sufficient to pay only 78% of scheduled retirement and survivor benefits under current projections.

The trustees also reported that Social Security's costs have exceeded its total income since 2021, while the retirement trust fund has been drawing down its reserves. The combined Social Security trust funds are projected to remain solvent until 2034, but that combined figure does not change the separate 2032 depletion date for the retirement trust fund.

The Committee for a Responsible Federal Budget estimates that depletion of the retirement trust fund would result in an immediate 22% reduction in benefits under current law, equivalent to roughly $500 per month for the average beneficiary based on today's benefit levels. The group says the size of the reduction would increase over time if no changes are made to the program's finances.

The combination of rising senior poverty and Social Security's projected funding gap puts the program's future finances under renewed scrutiny as lawmakers consider how to address the shortfall. Any changes would require congressional action before the projected 2032 depletion date.