Lower-income, older adults struggling, AARP study finds
The recession has been especially hard on lower-income, older adults, according to a study released Tuesday by AARP.
Nearly six in 10 Americans 45 years and older who make less than $25,000 a year say they are either “not at all” or “not too confident they will have enough money to pay medical and living expenses in retirement. That compares to 36% of higher-income adults.
Also, more than four in 10 of lower-income older adults rate their health as “fair” or “poor.” That compares with 18% of those who earn more than $25,000 a year. Also, may report they are struggling to meet basic needs, such as paying for food and electricity, heat and water bills. Nearly half (48%) reported having less than $50,000 in savings, with 16% of those reporting no savings at all.