AARP: Senior poverty rate climbs 20% as expenses surge

The poverty rate for Americans older than 65 has increased by 20%, according to new Census data. This marks the fifth consecutive year that senior poverty has risen, a trend that stands in contrast to the broader national decline in poverty.

Claire Casey, president of the AARP Foundation, stated that affordability has become a primary concern for this demographic. The organization’s new Economic Security Monitor indicates that 70% of older households reported an increase in expenses over a three-month period.

Anthony Hamalainen, a 67-year-old resident of Marquette, Michigan, illustrates the financial strain on those with fixed incomes. Hamalainen, who owns a wireless installation company, suffered a fall from a roof in 2006 that left him unable to work. He described the current situation as difficult for seniors, noting that most live on fixed amounts that do not keep pace with costs.

Hamalainen returns to work in his 50s but faces barriers due to his disability and age. He currently receives Social Security benefits but faces mounting medical bills and other costs. His monthly income consists of just over $1,000 in benefits plus $40 in SNAP assistance. He stated that he runs out of money each month and finds it hard to live.

Casey advised older adults to focus on their capabilities rather than their age when seeking support. She recommended that individuals identify what they want in their lives and then look for available resources to assist them. Hamalainen is now training with AARP to help other seniors secure employment.

The AARP Foundation provides free resources for older adults struggling to pay bills. The group also suggests that individuals check with local, state, and federal programs for additional assistance.