An alarming report from the Legislative Reference Bureau shows that the number of elderly Wisconsinites living in poverty is on the rise, reports The Wisconsin Examiner.
A new report from the Legislative Reference Bureau titled “Retirement Security in Wisconsin.” finds that elder poverty is on the rise in Wisconsin with longer retirements, rising healthcare costs and flat incomes with little savings.
In Wisconsin, 9.5% of older residents were living in poverty in 2017, up from 9% in 2016, according to the Institute for Research on Poverty at the University of Wisconsin–Madison, while poverty rates dropped in 2017 for all other demographic groups.
The report, authored by legislative analyst Jessie Gibbons and legislative attorney Mary Alice McGreevy, cited that “millions of retirees rely solely upon Social Security benefits to support themselves. Those modest benefits, averaging just $1,443 per month for the typical Social Security beneficiary in Wisconsin, do not cover the significant health care and housing expenses most face in retirement.”
They also found that in Wisconsin, the average Social Security check would cover the cost of just ten days in an assisted living facility.