Senior Poverty Climbs for Fifth Year

Older Americans facing fixed incomes are seeing their financial strain increase, according to new Census data released this week. The data shows that the poverty rate for people over age 65 has risen for the fifth consecutive year. This trend occurs even as the overall national poverty rate decreased during the same period.

Claire Casey, president of the AARP Foundation, noted that affordability has become a primary worry for this demographic. She stated that the poverty rate for individuals over 65 has climbed by 20 percent. AARP’s new Economic Security Monitor found that 70 percent of older households reported higher expenses within a three-month span.

Anthony Hamalainen, a 67-year-old resident of Marquette, Michigan, described the impact on those relying on limited funds. Hamalainen said seniors on fixed incomes are among the most affected groups. He explained that while many struggle, older adults face unique difficulties because their income does not adjust to rising costs.

Hamalainen previously owned a wireless installation company. A fall from a roof in 2006 left him unable to work full-time. When he attempted to return to employment in his 50s, he faced challenges finding a position due to his disability and age. He now survives on just over $1,000 a month in Social Security benefits and $40 in SNAP assistance.

He said he runs out of money every month. Hamalainen added that the cost of living makes it difficult to sustain daily life. He is currently training with AARP to assist other seniors in finding employment opportunities. The organization offers free resources for older adults struggling with bills.

AARP also recommends that individuals check with local, state, and federal programs for potential aid. Casey advised older adults to focus on their personal goals rather than their age. She encouraged them to identify available resources that can provide support in their specific situations.