America’s Seniors are Struggling in Today’s Economy

America’s seniors are caught in a financial storm. They’ve spent their lives working, paying taxes, raising families, and contributing to our communities. Now, many live on fixed incomes that simply don’t stretch far enough. Rising healthcare bills, higher housing costs, and the constant pressure of inflation mean that every dollar has to go further. 

The Healthcare Squeeze

Healthcare is one of the biggest worries for American seniors. 35% of U.S. adults say they can’t afford quality care today. For seniors on Medicare, things aren’t much better: a 65-year-old retiree today can expect to spend about $172,500 on healthcare throughout retirement.

Even everyday needs—like filling prescriptions or getting lab tests—are a struggle. One in five adults over 65 carries medical or dental debt. Many have to make hard choices: skip an appointment or cut back somewhere else.

In Virginia, 62% of nursing home residents and over 200,000 seniors and adults with disabilities depend on Medicaid as their primary payer. For many, Medicare isn’t enough to cover the cost of long-term or specialized care, so Medicaid steps in to fill that gap. But reductions in funding from the recently passed HR1 bill could severely jeopardize their access to long-term care—leaving families worried about how their loved ones will get the support they need.

Housing: A Heavy Burden

For many, the home they worked for and hoped to retire in has become a source of stress. Business Insider reports that one-third of households over 65 spend more than 30% of their income on housing. Older renters have it even worse, with 58% considered “cost-burdened.” Rising property taxes, utilities, and insurance make it hard for homeowners, too—some still paying off mortgages well into their 80s.

Fixed Income vs. Rising Costs

Social Security is the lifeline for millions of retirees, but its annual cost-of-living adjustment (COLA) isn’t keeping pace with inflation. The 2025 COLA is far below the increase in everyday expenses. More than 90% of retirees say inflation is eating away at their savings. 

The Long-Term Care Crisis

For seniors who need more than basic care, the challenges are even greater. Many middle-income seniors are caught in a painful gap—they earn too much to qualify for Medicaid but can’t afford private care. Families are stepping up, but two-thirds of caregiving in America is unpaid. Adult children are juggling jobs, their own families, and the full-time care of aging parents.

Behind all these statistics are real people—grandparents, neighbors, and friends—who have spent decades working, paying taxes, and contributing to these very programs. After a lifetime of work and giving to others, they’ve earned the right to spend their later years in security, peace and comfort, without the constant worry of financial uncertainty.