Retirement, Healthcare and Social Security Challenges for Seniors

Rich Fiesta, Executive Director of the Alliance for Retired Americans, joined the America’s Work Force Union Podcast to discuss increasing poverty rates among older Americans, the challenges facing Social Security and pensions and the urgent concerns surrounding healthcare affordability for seniors.

A major topic of concern for Fiesta is the rise in poverty rates among Americans age 65 and older. He pointed to recent Census Bureau findings showing that seniors are the only age group with an increasing poverty rate. As more than 11,000 Americans turn 65 every day, many lack the resources and income necessary to support themselves in retirement. Fiesta said the decline in traditional pensions, stagnating wages and the insufficiency of personal savings accounts, such as 401(k)s, have created an unsustainable system, forcing many seniors to rely more heavily on public assistance programs.

Next, Fiesta discussed the attacks on Social Security, with policy debates focusing on proposals that could cut benefits or raise the retirement age. He advocated for expanding Social Security by raising the cap on taxable income and increasing benefits, particularly for lower-income retirees. Fiesta also highlighted the importance of increasing the minimum wage and passing labor law reforms such as the PRO Act, arguing these steps would help working Americans save more for retirement and strengthen the Social Security trust fund.

Lastly, Fiesta discussed rising healthcare costs, which have the highest rate of inflation in the economy. He said that any rollback of subsidies for coverage under the Affordable Care Act would have a devastating impact. Without congressional action to extend these subsidies, seniors face skyrocketing premiums and the risk of losing coverage altogether. Fiesta contrasted the relatively modest cost of maintaining these subsidies with the much larger tax cuts given to corporations and the wealthy, underscoring the choices lawmakers should make to protect America’s aging population.

For more from Fiesta, listen to the full episode of the America’s Work Force Union Podcast above.