The Patriot Post® · Biden Robs Retirees

Analysis: Republican National Committee

UNDER BIDEN, SENIORS FACE SKYROCKETING COSTS, LOWER SAVINGS, AND A HIGHER POVERTY RATE

• [Tuesday], Biden [delivered] remarks focused on “lowering health care costs” for seniors.
• What Biden [didn’t] mention is that after nearly two years of Democrats’ far-left policies, many seniors living on fixed incomes are struggling to get by, facing higher costs for just about everything.
• Many Americans are now delaying retirement due to Bidenflation, while already retired Americans are struggling to afford basic goods and groceries.
  • About half of older Americans said they had to spend their emergency savings in the past 12 months.
• In 2021, the poverty rate for Americans over 65 increased, and nearly one million seniors fell into poverty.

MEDICARE PREMIUMS AND LONG-TERM CARE COSTS HAVE SPIKED UNDER BIDEN

• While Biden promises to bring down health care costs, seniors saw the largest ever Medicare Part B premium increase in 2022, jumping 14.5 percent. 
• Seniors are facing rising costs for long-term care thanks to Biden.
  • Assisted Living Locators CEO Angela Olea, RN: “Our senior advisors have seen move-in fees at assisted living facilities jump from $5,000 to $10,000, or monthly rental fees increase by an unprecedented 10%.”
  • Monthly resident fees at independent living facilities have gone up by an average of 4.4 percent this year, while the cost of nursing homes and adult day-care facilities have jumped by 4.8 percent over the past year.

BIDEN HAS DECIMATED AMERICANS’ SAVINGS AND LEFT SENIORS SCRAMBLING

• Tens of millions of Americans are facing shrinking retirement savings thanks to Biden’s failed economy.
  • 5 million retirees have rejoined the labor market in part because of “rising costs” while 25 percent of Americans say increased prices will lead them to delay their retirement.
  • The average 401(k) balance had plummeted nearly 20 percent by the second quarter of 2022 according to the latest Fidelity Investments Retirement Analysis and was 15 percent lower than the first quarter of this year.
  • This year, Social Security benefits have fallen when adjusted for inflation.
  • Public pension funds “have lost tens of billions,” raising the prospect of retirement funds having to raise costs on workers.
  • With these rising costs crushing Americans, 21 percent report having “reduced their retirement savings” according to the BMO Real Financial Progress Index survey.
• Under Biden, the dream of retirement is being destroyed for many Americans.
  • Connie Kitchens, a retired Georgia public school teacher, on returning to work: “I have to find the right job, with flexibility. This isn’t what I dreamed it was going to be when I retired.”
  • W.E. Upjohn Institute’s Beth Truesdale on retirees going back to work: “In many cases, it isn’t a choice to work longer so much as having to work longer to make ends meet.”
  • Sinem Buber, lead economist at ZipRecruiter: “The purchasing power of retirement savings is eroding every single month.”

BIDEN’S ECONOMY HAS FORCED MORE SENIORS TO RELY ON FOOD BANKS AND FOOD STAMPS

• Biden’s failing economy has dried up many seniors’ bank accounts, sending them to food banks for help.
  • Ohio senior, Mary Ann: “I never thought that I would be asking for help. Never. But I have to, I have no other choice.”
  • Mary Padula, retired grocery store worker: “I don’t have the money to buy what I need.”
• Earlier this year nearly half of seniors reported visiting a food pantry or applying for food stamps.
• Last year, 9.5 percent of elderly Americans living alone faced food insecurity, an increase from the year prior.
• The increasing cost of groceries has impacted more than three quarters of older Americans, leading nearly a third to buy cheaper and less healthy foods.
  • 37 percent of all older Americans say rising food costs has impacted them “a lot,” including 56 percent of older Americans with a household income less than $30,000.
  • Skyrocketing gas prices have also caused many to cut back on regular outings and activities that keep seniors active and healthy.