Retirees often have most of their wealth tied up in their homes, and when times get tight, they sometimes tap into that equity. A new report from GreenPath Financial Wellness finds that a growing share of older Americans who explore reverse mortgages are already struggling to make ends meet, highlighting mounting financial pressure among retirees.

The nonprofit’s analysis found that roughly 20% of seniors exploring reverse mortgages have budget deficits, meaning their monthly expenses exceed their income. The findings suggest that many borrowers are not using the loans simply as a financial planning tool, but as a way to cope with existing financial hardship.

GreenPath’s data underscore a broader trend: financial strain among older households is intensifying. Many seniors live on fixed incomes that have failed to keep pace with rising costs for housing, health care, and everyday essentials. As a result, more homeowners are looking to tap into their home equity to bridge the gap.

How reverse mortgages are used matters

Reverse mortgages, which allow homeowners age 62 and older to convert home equity into cash without monthly loan payments, have long been marketed as a way to supplement retirement income. But experts caution that the product is often used as a last resort rather than a proactive strategy.

The report suggests that a significant portion of applicants are entering the process already financially vulnerable, raising concerns about long-term sustainability. Borrowers must still cover property taxes, insurance, and maintenance costs — expenses that can trigger foreclosure if unpaid.

Demand is rising

At the same time, demand for reverse mortgages appears to be rising again, driven in part by demographic shifts and economic pressures facing retirees. Millions of older Americans lack sufficient savings to weather unexpected expenses, pushing them to rely on home equity as a financial backstop. 

The GreenPath findings highlight the delicate balance policymakers and financial counselors face: while reverse mortgages can provide needed cash flow, they may also expose already-strained seniors to additional risks if not carefully managed.

As the U.S. population ages and living costs remain elevated, the report points to a growing need for financial counseling and alternative solutions to help seniors maintain stability without jeopardizing their homes.

The National Council on Aging (NCOA)  has launched a campaign to focus attention on a persistent gap in the nation’s safety net: millions of older adults who qualify for assistance but never receive it.

The organization reports that nearly nine million older Americans are missing out on benefits that could help cover essential costs such as food, health care, and transportation. 

The awareness campaign encourages seniors, caregivers, and community groups to use NCOA’s BenefitsCheckUp.org tool to identify and apply for programs they may qualify for. 

“These benefits literally save lives,” said Josh Hodges, NCOA’s chief customer officer, noting that many eligible seniors either are unaware of the programs or mistakenly believe they don’t qualify.

High stakes

The stakes are high. NCOA points to research showing that adults aged 60 and older with very low incomes can have significantly shorter life expectancies than their higher-income peers. 

More broadly, the organization estimates that over 17 million Americans age 65 and older are economically insecure, facing rising costs for housing, health care, and daily living expenses.

Programs highlighted during the campaign include the Supplemental Nutrition Assistance Program (SNAP), Medicaid, Medicare Savings Programs, and prescription drug subsidies — resources that can collectively save eligible seniors thousands of dollars each year.

The barriers

Despite their impact, enrollment barriers persist. Limited awareness, complex application processes, and misconceptions about eligibility often prevent seniors from accessing aid. 

To address these challenges, NCOA works with a nationwide network of local organizations that provide benefits screening and enrollment assistance, while its online tool offers a free, confidential way for individuals to check eligibility in minutes. 

Advocates say the campaign is not just about raising awareness but about improving long-term financial and health outcomes for older Americans living on fixed incomes.

Older Americans are among those who lose billions of dollars each year to increasingly sophisticated scams, but data suggest they may be the most vulnerable population group. Scammers target them because they are thought to be easy prey, and many have significant assets.

Seniors and retirees should be particularly aware of financial scams, even more dangerous now with criminals deploying artificial intelligence, impersonation tactics, and psychological manipulation to target retirement savings.

The scope of the problem is growing rapidly. In 2024 alone, adults 60 and older reported $2.4 billion in losses to the Federal Trade Commission, a 26% increase from the previous year, with many cases involving six-figure losses. 

In addition to targeting seniors for their financial assets, fraudsters are also leveraging advanced tools such as deepfake audio and highly convincing phishing messages to make their schemes harder to detect.

Investment scams drain retirement funds

Among the most costly schemes are investment scams, which lure victims with promises of high returns and little risk. With many retirees worrying that they will outlive their money, criminals often pose as financial advisers and encourage seniors to move money into fraudulent accounts, sometimes tied to cryptocurrency ventures.

Victims may receive realistic-looking account statements showing steady gains, reinforcing the illusion of legitimacy, until the money is gone. This is a tactic that convicted scammer Bernie Madoff employed for decades, until he was exposed in the 2008 financial crisis.

Government impostors exploit fear

Another common tactic involves impersonating government agencies such as the IRS, Social Security Administration, or Medicare. Scammers may claim unpaid taxes, account problems, or benefit disruptions, often threatening arrest or loss of coverage to pressure immediate action.

These schemes frequently rely on spoofed phone numbers, fake emails or AI-generated voices to appear authentic. 

Loneliness is another weakness scammers try to exploit, especially after the loss of a spouse. Romance scams target emotional vulnerability. Fraudsters build online relationships over weeks or months, often claiming to live far away or avoiding video calls. Once trust is established, they request money for emergencies, travel, or medical needs.

Payments are typically requested through hard-to-trace methods such as gift cards or cryptocurrency, making recovery nearly impossible.

Tech-support scams hijack devices

Another major category involves tech-support scams, which begin with alarming pop-up messages warning of computer problems. Victims are urged to call a number where scammers pose as technicians.

Once granted remote access, criminals install spyware or keyloggers to capture passwords, banking information, and other sensitive data. 

Authorities warn that these scams are becoming more convincing as technology evolves. AI tools now enable fraudsters to mimic trusted voices, generate realistic documents, and scale their operations across email, phone, and social media.

The common thread across all scams is urgency — scammers push victims to act quickly, bypassing verification and critical thinking.

Recent data from the Social Security Administration show how much larger Social Security checks become at age 70 — but also how uneven those gains are.

Men who wait until 70 collect about $3,334 per month on average, while women receive around $2,691. 

That’s not a trivial gap. It reflects decades of differences in earnings, career length, and wage growth — all of which feed directly into how Social Security benefits are calculated.

Even more revealing: the underlying “baseline” benefit (before delayed credits) is much lower — around $2,516 per month — meaning the decision to delay plays a major role in boosting income.

Why 70 is the peak — and why it matters

Social Security is structured to reward patience. Benefits grow roughly 8% per year after full retirement age (up to 70) thanks to delayed retirement credits. 

That’s why age 70 produces the highest average benefit of any claiming age. Compared with claiming at 62, the difference can easily exceed $800 per month in average payouts. 

But here’s the catch: maximizing the monthly check doesn’t automatically mean maximizing your lifetime benefit.

‘Average’ can be misleading

Most coverage of Social Security focuses on the simple math: wait longer, get more. That’s true — but incomplete.

A more useful takeaway for people nearing retirement is this: The value of waiting depends heavily on your personal profile.

• Longevity matters more than income. If you live longer than average, delaying to 70 can pay off handsomely. If not, you may collect less overall.
• Women often benefit more from waiting — despite lower averages. Women live longer on average, which means they’re more likely to collect those larger checks for more years. 
• High earners gain the most from delaying. Because benefits are tied to your highest 35 years of earnings, those with high incomes see larger absolute increases.
• Behavior matters as much as math. Research shows many retirees claim early even when it’s suboptimal, often due to fear of running out of money or a desire for immediate income. 

The average numbers themselves can be misleading for planning. Even at age 70, a roughly $2,500–$3,300 monthly benefit may not fully cover expenses — especially with rising health care and housing costs. And while 2026’s average benefit sits just above $2,000 overall, many retirees rely on Social Security for the majority (or all) of their income. 

That creates a critical planning gap: People often anchor on averages instead of calculating their own benefit and needs.

What near-retirees should do differently

If there’s one practical takeaway, it’s this:

Stop thinking in terms of “the best age” — and start thinking in terms of your break-even and lifestyle:

• Estimate your personal benefit at 62, full retirement age, and 70
• Compare that against expected expenses and life expectancy
• Factor in spousal benefits and survivor needs
• Consider whether delaying improves security, not just income

Because the real decision isn’t about hitting the highest monthly number — it’s about building the most reliable income stream for your specific retirement.

Delaying benefits is powerful, but only if it aligns with your health, income history, and risk tolerance. For many retirees, the biggest mistake isn’t claiming too early — it’s assuming the “average” applies to them.

Many retirees find ending the daily grind of going to work to be exhilarating – at first. However, life transitions such as retirement, relocation, or the loss of friends and family can gradually shrink social circles. 

Without intentional effort, isolation can set in, bringing not just loneliness, but real risks to mental and physical health. The good news is that meaningful connection is still very much within reach, and often easier to build than it seems.

Be proactive

Geriatric specialists say one of the most effective ways to stay socially engaged is to create structure around connection. Rather than waiting for social opportunities to arise, plan them. 

A weekly coffee with a neighbor, a standing phone call with a family member, or a recurring club meeting can provide something to look forward to and help maintain a sense of rhythm. These small, consistent interactions often matter more than occasional large gatherings.

Community involvement is another powerful antidote to isolation. Local senior centers, libraries, religious organizations, and volunteer groups offer not just activities, but a sense of belonging. 

Volunteering, in particular, adds an extra layer of purpose. Whether it’s mentoring, helping at a food bank, or participating in community projects, contributing to others fosters connection and reinforces self-worth.

Try something new

Hobbies also play a key role — especially those that bring people together. Group exercise classes, book clubs, gardening groups, or art workshops create natural opportunities for conversation and shared experience. Even if trying something new feels intimidating at first, it often leads to unexpected friendships.

Technology, while sometimes seen as a barrier, can actually be a powerful tool for staying connected. Video calls, social media, and messaging apps make it easier to maintain relationships across distance. 

The key is to approach technology with curiosity rather than hesitation. Many communities offer basic tech classes specifically for older adults, making it easier to learn at a comfortable pace.

Download a rideshare app

Transportation can be a hidden obstacle to social activity, so it’s worth exploring options. Community shuttles, rideshare services, or coordinating rides with friends can make outings more accessible. Removing logistical barriers often opens the door to more consistent engagement.

It’s also important to recognize that staying socially active doesn’t always mean being busy. Meaningful connection can come from simple interactions — a chat with a neighbor, a conversation at the grocery store, or a shared moment at a park. Quality matters more than quantity.

Finally, it’s okay to take the first step. Reaching out can feel vulnerable, especially after periods of isolation, but many others are in the same position and equally open to connection. A simple invitation or conversation starter can be the beginning of something lasting.

Social connection is not just a luxury — it’s a cornerstone of healthy aging. With a bit of intention and openness, older adults can build and maintain vibrant, supportive social lives that enrich every stage of life.

A modest increase in Social Security benefits could be on the horizon for retirees, but a controversial proposal to cap payments is stirring debate. 

The 2027 cost-of-living adjustment won’t be announced until mid-October, but the Senior Citizens League (TSCL), a nonpartisan advocacy group, said its latest analysis of inflation data suggests the 2027 COLA will be 2.8%. That would match the 2026 increase and translate into an average monthly boost of about $56.69 for retired workers. 

While any increase is typically welcomed by beneficiaries, TSCL says the projected adjustment underscores a larger concern: rising costs for essentials like housing and health care continue to outpace benefit growth, leaving many seniors financially strained.

$50,000 cap?

At the same time, policymakers and budget experts are exploring ways to shore up Social Security’s long-term finances. One proposal gaining attention — dubbed the “Six Figure Limit” — would cap annual benefits at $50,000 for individuals and $100,000 for couples.

The plan, put forward by the Committee for a Responsible Federal Budget, aims to address a projected funding shortfall that could otherwise lead to automatic benefit cuts of roughly 24% in the early 2030s if Congress takes no action. 

Supporters argue the cap would primarily affect higher-income retirees and could close a significant portion of the program’s long-term deficit. Estimates suggest it could eliminate about three-fifths of the funding gap over the next 75 years.

The argument against it

But critics, including TSCL, say the proposal amounts to a benefit cut for some retirees and could have bigger consequences over time. The group’s research indicates strong resistance among older Americans: 95% oppose cuts to current retirees’ benefits, and two-thirds oppose cuts for future beneficiaries. 

Advocates for seniors also argue that there are alternative ways to strengthen Social Security without reducing benefits. One commonly cited option is eliminating the cap on taxable earnings — currently set at $184,500 — so higher-income workers contribute more to the system. 

TSCL Executive Director Shannon Benton emphasized that approach, saying policymakers should focus on “strengthening America’s pension system” rather than reducing benefits for those who have paid into it over their working lives. 

The actual COLA is based on inflation data for July, August, and September.

Older Americans are losing billions of dollars each year to identity theft and related scams, as fraudsters increasingly target retirees and seniors with sophisticated schemes.

Recent data show that Americans 60 and older lost an estimated $7.7 billion to scams in 2025, with identity theft losses rising sharply — by as much as 70% year over year. Earlier figures indicate that seniors accounted for $3.4 billion in identity-theft-related losses in 2023, with higher average losses per victim than any other age group.

Investigators say the trend reflects a troubling dynamic: while older adults may experience fewer identity theft incidents overall, the financial damage is often far greater.

Bigger targets, bigger losses

Seniors are particularly attractive targets because they tend to have more savings and established credit. When fraud happens, the losses can be devastating.

Criminals often focus on high-value accounts such as retirement funds, bank accounts, and investment portfolios. In addition, older adults may be less familiar with rapidly evolving online scams, making them more vulnerable to deception.

Public perception mirrors the data. Surveys show that a large majority of Americans — about 84% — believe seniors are especially susceptible to online fraud and identity theft.

Common schemes

The most frequent forms of identity theft affecting older Americans include:

• Credit card fraud is the most common type
• Bank account takeovers, where criminals gain direct access to funds
• Medical identity theft, involving stolen Medicare or Social Security information

Fraudsters often rely on impersonation tactics, posing as representatives from government agencies, financial institutions, or tech companies. These scams frequently involve urgent demands — such as threats of account suspension or legal action — to pressure victims into revealing sensitive information or sending money.

How to stay protected

Consumer advocates say awareness and basic precautions can significantly reduce risk.

Among the most effective steps:

• Guard personal information: Never share Social Security, Medicare, or financial details in response to unsolicited calls, emails, or texts.
• Monitor financial activity: Regularly review bank and credit card statements for suspicious transactions.
• Use security tools: Enable two-factor authentication and consider placing a credit freeze to prevent unauthorized accounts.
• Watch for warning signs: Be skeptical of messages that create urgency or request unusual payment methods like gift cards or wire transfers.

Experts also encourage older adults to consult trusted family members or advisors before making major financial decisions, especially when responding to unexpected requests.

Authorities urge victims or those who suspect identity theft to report incidents promptly through federal resources such as IdentityTheft.gov or the FBI’s Internet Crime Complaint Center.

As identity theft continues to evolve, officials stress that vigilance remains the best defense, particularly for older Americans, who face some of the highest financial stakes.

Baby Boomers, who grew up with better health care than their parents, are living longer, and that’s reshaping how Americans think about aging, retirement, and the role of older adults in society.

Vicki Thomas, author of the book From Woodstock to Wisdom, and one of the first members of the Baby Boom generation to turn 80, is raising a conversation that reaches far beyond retirement planning.

The U.S. Census Bureau projects that by 2030, all Baby Boomers will be at least 65 years old, totaling roughly 73 million people. A growing share of that group is expected to remain healthy and engaged for decades beyond traditional retirement age. 

But while lifespans are increasing, the systems built around retirement have not kept pace, the author argues. Institutions designed for shorter lives are struggling to absorb what it describes as a surge of “energy, capacity, and accumulated knowledge” among older adults.

Changes in how aging is viewed

Thomas’ book advocates for a shift in how society views aging, from decline to continued contribution.

Thomas argues that sidelining older adults comes at a cost. Younger generations lose access to mentorship, communities miss out on leadership, and older individuals themselves may lose a sense of purpose — something research has linked to better health and longevity. 

Her organization, My Future Purpose, offers programs such as discussion groups, workshops, and coaching aimed at helping older adults redefine their next chapter. The initiative promotes multiple “pathways to purpose,” including volunteering, entrepreneurship, advocacy, and pursuing long-held interests. 

The broader message reflects a growing national conversation: longer lives are not just a medical achievement, but a social and economic shift.