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The word poverty is so commonly used that it may seem unnecessary to define it, but the word has two aspects that need to be distinguished: poverty threshold and relative poverty. The poverty threshold is defined by comparing a household’s income with the level of prices of the basic commodities necessary for life – the subsistence level, sometimes called the poverty line. Those whose incomes are below the minimum level necessary for subsistence are deemed to be living in poverty. Relative poverty is defined by comparing a household’s income with the average income level in their society. Although individuals' incomes may be sufficient to provide themselves and their dependents with the necessities of life, they may struggle to maintain an acceptable quality of life. J.K. Galbraith, an American economist, has described the condition of relative poverty thusly: ‘People are poverty stricken when their income, even if it is adequate for survival, falls markedly below that of the community. Then they cannot have what the larger community regards as the minimum necessary for decency, and they cannot wholly escape, therefore, the judgement of the larger community that they are indecent. They are degraded, for in the literal sense, they live outside the grades or categories which the community regards as acceptable.’ A modern‐day example in the US of relative poverty includes adults who cannot afford reliable internet access. Once deemed a luxury, internet access is so ubiquitous that much of society now takes it for granted. Not only are adults stigmatized if they cannot afford online access, but they may not be able to keep up employment or manage practicalities such as bill payment without it.

According to US Census data from 2018, since the mid‐1960s, poverty rates for people 65 and older living in the US have declined from nearly 30%, to under 10% as of 2017. Older people now have poverty rates similar to those of working people.

Eighty‐four percent of US older adults receive Social Security. When examining older adults by income level, Social Security made up the majority of a person's income in the lowest income quintile of older adults. Approximately 30% of older adults received income from a pension or retirement plan, and approximately 21% continued to earn income through employment. Almost half of older adults earned income from assets (such as interest, dividends, rental income, etc.); however, the median value is very low (< $500 per annum). A small minority of older adults make a substantial income from their assets and tend to be in the highest income quintile. Less than 10% of older adults receive income from supplemental security income (SSI) or other public welfare sources. Ethnic and racial minorities were less likely to receive Social Security and more likely to receive SSI.⁴² Older women, particularly those who did not marry, are at the highest risk of poverty, as they are least likely to be eligible for national security or occupational pensions. Longer life expectancy also means women are at increased risk of spending down their savings. As women engage with the workforce at higher rates, this disparity will likely decline.

Globally, there is limited data on poverty in older age. The UN estimates that older age is a significant risk factor for poverty, particularly in countries with inadequate social support and financial infrastructure. Rates of poverty vary widely. In the Netherlands and the Czech Republic, rates of poverty in adults over 65 are as low as 3%, while in the Republic of Korea, rates approach 50%. In Zambia, rates of poverty in older adulthood are as high as 80%. As in developed countries, older women are at significantly higher risk of poverty.