Senior Poverty Rises for Fifth Year

Poverty rates for Americans over the age of 65 have increased for the fifth consecutive year. New Census data released this week confirms the trend, showing a 20% rise in the poverty rate for this demographic. This growth occurred even as the overall poverty rate for the general population declined.

Claire Casey, president of the AARP Foundation, stated that affordability has become the primary concern for older adults. She noted that the economic pressure on this group has intensified over the last decade. The AARP’s new Economic Security Monitor provides further context on the strain. The report found that 70% of older households reported an increase in their expenses over the span of just three months.

Anthony Hamalainen, 67, of Marquette, Michigan, represents the demographic feeling the sharpest impact. He operates on a fixed income and said seniors are among those hurt the most by rising costs. “I mean, I’m sure there’s other people are struggling too, but the seniors are really hitting it really super bad because they live on a fixed income. Most of them do,” Hamalainen said.

Hamalainen previously owned a wireless installation company. A fall from a roof in 2006 left him unable to work. He tried to return to the workforce in his 50s but faced difficulties finding employment due to his disability and age. He now receives Social Security following that accident, but medical bills and living costs have accumulated since then.

He currently survives on just over $1,000 a month. This amount includes $40 in SNAP benefits. He said his budget does not last until the end of the month. “I run out of money each month. I mean, it’s just ridiculous. It’s really hard for us to live,” Hamalainen said.

Casey advised older adults to focus on their personal goals rather than their age. She encouraged them to seek out available resources to support their financial needs. “I would say don’t think about an age. Think about what you want in your life and what you can do and then seek out the resources that are out there to help you,” Casey said.

Hamalainen is currently training with AARP to assist other seniors in finding employment. The organization provides free resources for older adults facing bill payment issues. AARP also recommends that individuals check with local, state, and federal programs for additional assistance.