Senior Poverty Rate Climbs Five Years

The poverty rate for Americans aged 65 and older rose for the fifth straight year, according to new Census data. The increase occurred despite a drop in the overall national poverty rate.

Claire Casey, president of the AARP Foundation, stated that the rate of poverty for people over 65 has risen by 20 percent. She identified affordability as a primary concern for older adults in the current economic climate.

A new Economic Security Monitor from AARP found that 70 percent of older households saw their expenses increase within a three-month period. The report highlights the financial pressure facing seniors on fixed incomes.

Anthony Hamalainen, 67, of Marquette, Michigan, described the situation for many seniors as severe. He said that while others struggle, seniors are hit particularly hard because most live on fixed incomes.

Hamalainen owned a wireless installation company until a fall from a roof in 2006 left him unable to work. He struggled to find employment in his 50s due to his disability and age. He now relies on Social Security, which provides just over $1,000 a month, plus $40 in SNAP benefits.

He said he runs out of money each month, calling the financial situation ridiculous. Medical bills and other expenses have piled up since the accident. Hamalainen is currently training with AARP to help other seniors find jobs.

Casey advised older adults to focus on their desired life outcomes rather than their age. She encouraged them to seek out available resources. AARP offers free resources for older adults struggling to pay bills and recommends checking with local, state, and federal programs for additional help.