Poverty rates for Americans over 65 hit new five-year high

The poverty rate for Americans older than 65 has climbed for the fifth consecutive year, according to new Census data. The increase stands at 20% for this demographic. This rise occurred even as the overall poverty rate for the general population went down.

Claire Casey, president of the AARP Foundation, identified affordability as a primary concern for older adults. She noted that rising costs are putting pressure on fixed incomes. The AARP’s Economic Security Monitor reported that 70% of older households saw their expenses increase over a three-month period.

Anthony Hamalainen, a 67-year-old resident of Marquette, Michigan, said older adults on fixed incomes face the hardest financial strain. He stated that many seniors struggle to cover basic needs. Hamalainen previously owned a wireless installation company. A fall from a roof in 2006 left him unable to work for several years.

When Hamalainen attempted to return to work in his 50s, he faced difficulties finding employment due to his disability and age. He began receiving Social Security benefits after the accident. Medical bills and other expenses accumulated over time. He now relies on just over $1,000 per month in income plus $40 in SNAP benefits.

Hamalainen said his money runs out each month. He described the situation as difficult to manage. Casey advised older adults to look beyond their age when planning their lives. She encouraged them to seek out available resources to help with their financial needs.

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