While the Cost-of-Living Adjustment (COLA) for social security is set to increase by 3.2% in 2024. Experts argue that this may not be sufficient to address the escalating crisis.
Dr. Margot Kushel from the University of California San Francisco notes a significant uptick in homelessness among older Americans, with baby boomers, aged 57 to 75, being particularly vulnerable.
The Changing Face of Homelessness
Historically, elderly homelessness has been a rarity, but recent years have witnessed a paradigm shift.
Now that older Americans are now identified as the fastest-rising group within the homeless population. The phenomenon has been compounded by the financial aftermath of multiple recessions and the lack of affordable housing.
Aging baby boomers, having weathered economic downturns and often left with very little savings, are confronted with the harsh reality of insufficient affordable housing.
The increasing costs of essentials, from gas to groceries, further strain their financial stability. Even assisted living centers, faced with labor shortages and reduced funding, pose challenges for those seeking additional support.
