Black Retirees Growing Older and Poorer: Next Year’s Social Security Cost of Living Adjustment Lowest in 10 years

By Charlene Crowell | Trice Edney Wire (TriceEdneyWire.com) – As Americans live longer, the ability to remain financially independent is an ongoing struggle. Especially for Black and other people of color whose lifetime incomes are often lower than that of other contemporaries, finding money to save for ‘old age’ is particularly daunting.According to the& National Council on Aging, racial and ethnic minorities accounted for one in 4 adults aged 65 and older in 2022. In that same year, the average 65-year-old could expect to live another 18 years or longer, on a median income of $29,740. In 2022, the average yearly Social Security benefit for Black men ages 65 and older was $15,345, and for Black women was only $13,755. However, the average annual Social Security income for all 65 or older men was $18,910, and for all older women was $14,824.In past generations retiring workers often received a gold watch, pension, and company-sponsored health insurance. But today’s retirees face far different circumstances. With few remaining pensions available, most workers must look to themselves for financial security in their old age. And Social Security has become a financial lifeline.When enacted in 1935 during the throes of the Great Depression,Social Security...