There are many, many seniors who are now living below the poverty line. As we go forward, the number is going to grow. More and more tax increases in sales taxes, property taxes, gasoline excise taxes (both state and Federal) and other increases in the cost of living items (like raising the minimum wage) will insure that will happen. Being on a fixed income with very low interest rates for CDs is very bad for seniors.
Many seniors have the American Dream and live in their own homes. However, it is getting harder and harder for seniors to keep their homes. Many seniors were members of the middle class and have seen their savings and income shrink until they are now on the edge of being part of those who are living in poverty. If home values begin to drop they will lose equity which they need to be able to get a reverse mortgage.
The future is not looking good for many seniors. California is deeply in debt and the size of the budget is growing every year. The legislature in Sacramento is controlled by far-left wingers who want to spend and spend and spend on “free” give aways to their voters. In order to do that they must find more and more and more tax money. It is likely that much of the new tax money will come from those of us who are successful. However, there will also be calls to increase sales tax rates and to repeal, or substantially modify, Proposition 13.
Seniors must understand the many terrible risks they face and work together to protect themselves. At the Federal level there will be attacks on Social Security and Medicare. Obama stole $761 billion from Medicare to help pay for Obamacare. If the Democrats get control of the U.S. Congress there will be more and more changes made to raise revenues for them to spend.