Final answer:
The most serious economic issue for an elderly person living alone is reliance on social security as the basis of income, considering the rising costs of healthcare and living expenses as well as the increasing senior population.
Step-by-step explanation:
Among the economic challenges that an elderly person living alone may face, social security as the basis of income presents a significant issue. While creating a living will, stock market fluctuations, and increased provider benefits are relevant concerns, they do not have the same immediate and profound impact on an older adult's day-to-day life as does the reliance on social security for income. Given that healthcare and the cost of elder care are increasing, as noted by Wienclaw (2009), and that there is poverty among the elderly, relying solely on social security can put the individual at risk of economic instability, especially with the rising costs associated with aging and healthcare.
The dependence on social security is particularly problematic given that it may not keep pace with the inflation or rising costs of living, and for some, it may be insufficient to cover all necessary expenses. The U.S.'s senior population increase is putting additional pressure on social security, making the situation more precarious for the individual reliant on it. Moreover, with the changing social structures and the fact that elderly people are not as essential to their families' economic survival, the traditional support systems may not be as readily available.