Senior poverty rate hits five-year high

Poverty among American adults over age 65 increased for the fifth consecutive year, new Census data shows. The rise occurred even as the overall national poverty rate declined during the same period.

Claire Casey, president of the AARP Foundation, stated that the poverty rate for people over 65 rose by 20%. She identified affordability as a primary concern for this demographic. AARP’s Economic Security Monitor reported that 70% of older households experienced an increase in expenses within a three-month span.

Anthony Hamalainen, 67, of Marquette, Michigan, described the financial strain on seniors living on fixed incomes. He said these individuals are hit harder than other groups. Hamalainen owned a wireless installation company before a 2006 fall from a roof left him unable to work. He struggled to re-enter the workforce in his 50s due to his disability and age.

After the accident, Hamalainen began receiving Social Security. Medical bills and other costs accumulated over time. He currently manages on just over $1,000 a month in income, supplemented by $40 in SNAP benefits. He noted that the financial pressure intensifies annually.

Hamalainen said he runs out of money each month. He described the difficulty of maintaining a household on his current income. Casey advised older adults to focus on their capabilities rather than their age. She encouraged them to seek out available resources to assist with financial challenges.

Hamalainen is now training with AARP to assist other seniors in finding employment. The organization offers free resources to older adults struggling to pay bills. AARP also recommends that individuals check with local, state, and federal programs for additional aid.