As the cost of living continues to rise no other demographic feels the pressure of rising costs of everyday live than seniors. As the middle class falls further into debt more and more seniors find themselves in deep poverty with little assets and outside help. The National Council of Aging ( http://www.ncoa.org/ ) had put together an informative breakdown of the current financial state of today’s senior citizens.
“Retirement is not “golden” for all older adults. Over 23 million Americans aged 60+ are economically insecure—living at or below 250% of the federal poverty level (FPL) ($29,425 per year for a single person). These older adults struggle with rising housing and health care bills, inadequate nutrition, lack of access to transportation, diminished savings, and job loss. For older adults who are above the poverty level, one major adverse life event can change today’s realities into tomorrow’s troubles.
Almost 75% of single Social Security recipients aged 65+ depend on Social Security for all or most of their monthly income. (Social Security Administration)
More accurate measures of economic well being—including Wider Opportunities for Women’s Elder Economic Security Standard™ Index and the Institute on Assets and Social Policy’s Senior Financial Stability Index—show millions of older adults struggling to meet their monthly expenses, even though they’re not considered “poor” because they live above the FPL, which is $11,770 for a single elder.”
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