Time to Overhaul Funding for the Elderly?
The head of the National Council on Aging says today’s social safety net for the elderly is antiquatedDecember 7th, 2022
Ramsey Alwin, the President and CEO of the National Council on Aging, estimates that 47 million older adults are “just one financial crisis away from plummeting into poverty.” About half of people ages 55-66 had no retirement savings, and will rely almost solely on Social Security payments for their income. “Medicare, Social Security, Older Americans Act, Medicaid — these are the right programs, a solid foundation. But in many cases, they were designed in a much different time…It’s time to update and modernize the policies to reflect contemporary realities.”
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