iCare Community Magazine
WORKING POOR - Over 55 and the Elderly
We understand times get tough. There is a neighborhood organization that helps seniors get access to the financial and educational resources that they need.
Many people think retirement age is the time to relax and live the good life. This is the case for some, but not all. Seniors are living longer and traditional models of work and retirement have not kept pace with inflation.
Those who have worked their entire lives have found themselves facing 2008 financial crisis where many lost half of their retirement, or more. Some were never really able to recover before COVID-19 hit in spring of 2020 when a second financial hit occurred to many seniors IRA accounts.
In addition to the financial struggle mobility is a very real issue for our seniors. Everyday objects, homes and communities not originally designed with longevity in mind often become obstacles to movement, safety, independence and socializing. Remaining safe and mobile are top priorities for older adults.
The health care journey can be particularly complex and fragmented for older adults, two-thirds of whom have at least two chronic conditions. This adds a second layer of financial hardship for seniors who pay excessive costs in medication and treatments.
What you may not know…
Over the past century in the United States alone, the proportion of persons aged 65 years or older increased more than threefold, from 4.1% to 12.9%. According to a 2018 U.S. Census Bureau report, in 2035 “there will be 78.0 million people 65 years and older compared to 76.4 million under the age of 18.” This is estimated to account for 20% of the population.
Is the medical community prepared for this? Are these people even going to be able to afford medical care with the ever increasing costs?
According to a Statement from the National Senior Citizens Law Center, poverty among older adults disproportionately impacts women, especially women of color, with twice as many older women as men living in poverty in 2012. Poverty rates were even higher for black (21.2%), Hispanic (21.8%) and Native American (27.1%) women 65 and older. Over 25 million American senior citizens are living at or below 250% of the federal poverty level ($29,425 per year for a single person). The elderly struggle with rising housing and health care bills, inadequate nutrition, lack of access to transportation, diminished savings, and job loss.
Its no secret that we have a medical epidemic in this country, especially for seniors.
Approximately 80% of senior citizens have at least one chronic disease, and 77% have at least two. Having four chronic diseases such as heart disease, cancer, stroke, and diabetes—statistically cause almost two-thirds of all deaths each year.
According to an article on CNBC– “A 65-year-old couple in good health will need $387,644 to pay for health-care costs for the remainder of their lives, according to HealthView Services, a provider of health-care cost projection software.”
Now More Than Ever, Your Help Is Needed!
Donate now to help the working poor/ over 55 get access to financial assistance and educational resources. Your donations go towards helping senior citizens get access to medical care, aid in their mobility, provide food and necessary items they might not be able to afford, and strengthen your community! Neighbors Helping Neighbors.
Visit www.theindigofoundation-us.org and make a donation today!