More than 25 million older Americans over the age of 60 are economically insecure. These older adults struggle with housing and health costs that continue to rise, while also having to budget for basics like food and transportation. What’s even more alarming is that many older adults who have income over the poverty level are often just one major adverse life event away from joining the ranks of the economically secure.
Consider these statistics about seniors and poverty:
- Social Security accounts for 90 percent or more of the income for 21 percent married SS recipients and 43 percent for single recipients.
- According to the Elder Economic Security Standard Index, millions of elderly adults struggle to pay their monthly expenses even if their income is above the poverty level.
- The average Supplemental Security Income (SSI) for 2.1 million older adults is $435 a month.
- Elderly women receive about $4,500 a year less than men who receive Social Security benefits because of lower wages and time away from work raising families.
- 2.9 million elderly households suffered food insecurity during 2015.
- 60 percent of adults over 60 who are eligible for the SNAP program are not enrolled for nutrition assistance.
Read more about the economic issues facing today’s seniors from the National Council on Aging.
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By supporting FSL, you help to fund our programs that assist economically insecure adults in our community. We provide affordable housing solutions, nutrition assistance, respite for caregivers, and more.