The Time Has Come To Talk About Senior Poverty In America

Next Avenue getty by Joe Seldner

If 40 million Americans had the same serious problem, you’d think it would be the focus of a lot of media coverage, a lot of government programs, a lot of commercial capital injections, and a lot of national discussion.
That is exactly what I thought several years ago when I began researching the fact that nearly half of all people over the age of 55, or one in every seven Americans, had no money saved and were at risk of falling into poverty or facing dire circumstances that would make their lives desperate for decades.
Of course, all kinds of attention and resources were being spent on this, weren’t they? They certainly weren’t. I was astounded because, despite the fact that this is a massive problem, very little was being done to solve it. This is still the case.
Many of these elderly Americans living in or near poverty will live another 20, 30, or 40 years, but they will have little opportunities to generate meaningful income or acquire skills that are relevant to the 21st century economy. Regrettably, as individuals age, they will be less able to function in the economic world, not more.
ADDITIONAL INFORMATION FOR YOU
This should terrify you if it doesn’t already. Not only because of the magnitude of the situation, but also because you should not consider yourself immune.
If you believe differently, you are unaware of how many of these folks came to be where they are. You might mistakenly believe they squandered their money on poor decisions or poor planning. In most circumstances, this is not the case.
Nearly every one of the hundreds of seniors I spoke with when I launched my organization, the Senior Poverty Prevention Project, a few years ago had no idea the breadth of the problem and was astounded by its magnitude. However, almost everyone knew someone over the age of 50 who was struggling financially.
The Senior Poverty Prevention Project’s objectives are to increase awareness of the problem, form relationships with key leaders in business, the media, government, and academia, and begin developing initiatives to address it.
I became aware of the situation because I was a member of this group before I turned the “official” age. Despite having a strong degree and a decent career, I had to go through a lengthy multi-year, multi-state child custody struggle (which I “won”) to gain sole custody of my then-very young children. This utterly depleted my cash and put my career on hold, but it was a price I was willing to accept.
Millions of individuals over 55 who lack money or decent chances for earning it are being ignored and overlooked, in part, I think, because older people don’t seem to count all that much in a society driven by youth.
“Discrimination on the basis of age appears to be perceived as somehow less poisonous than discrimination on the basis of race, religion, gender, or sexual orientation,” wrote Professor Howie Good on Next Avenue.
Nonetheless, I am upbeat. People who are forgotten do not, and cannot, remain overlooked indefinitely.
I frequently relate this issue to the late 1960s and early 1970s civil rights and women’s movements, which I personally witnessed and which impacted tens of millions of previously forgotten and ignored people who were not part of the national debate.
“This is an issue, these are individuals who need to be heard and are not going away,” it took articulate, persistent, and loud voices to express.
They did eventually become a part of the national debate. Senior poverty, I believe, will soon follow suit.
Because millions of elderly individuals who lack financial resources will not simply vanish or perish. They will, in fact, be joined by others.
For the first time since 1973, the New School for Social Research has discovered that unemployed Americans aged 55 and older are taking longer to find jobs than mid-career workers.
Teresa Ghilarducci, a well-known economist and director of the New School’s Retirement Equity Lab, as well as a Next Avenue Aging Influencer, recently stated, “During the pandemic, nearly two million more people were forced into unplanned retirement, forcing vulnerable workers out of the labor market at a younger age…
A person’s retirement can be made or broken in these few years. Unplanned retirements can result in downward mobility or even poverty for vulnerable individuals who retire before the age of sixty-five, due to a lack of job prospects and savings.”
The typical Social Security payment is a pittance of $1,543 per month, and nearly 40% of older Americans rely solely on it for income.
Statistics, on the other hand, aren’t tales or the paths that have led millions to where they are now. Here are a few folks I know:
One of my best friends’ brother, who is in his 60s and holds a Ph.D. from a prestigious university. He has been unable to find job for many years. He relocated to his mother’s home. His financial situation has just improved, but only after two decades of poverty.
A successful financial adviser with an Ivy League MBA who was a classmate of mine in business school. After being diagnosed with a virtually always fatal heart illness, he lost his health insurance and has had to rely on the kindness and housing of friends for years. Some of them created a GoFundMe campaign for him, leaving him “mortified…but appreciative,” he adds.
A high school friend who is now in her late 60s and lives in the Denver suburbs. She holds a master’s degree in choreography, which she admits “doesn’t help me much now.” She cleans houses and looks after her son, who is a veteran.
There are tens of millions of more tales that need to be heard and understood just like theirs.
They aren’t typically folks who squandered their money on drugs, alcohol, or poor decisions, but some undoubtedly did. Most of them arrived later in life as a result of health concerns, divorce, or professions in industries that were significantly reduced or eliminated.
Now they’re perplexed, floundering, attempting to “tech up” or find other answers in a world where, even if they learned new abilities, they risk being passed over by younger workers.
However, some admirable attempts are being made to address the challenges of financially vulnerable elderly individuals.
The Stanford Center for Longevity, for example, is working on a “New Map of Life” that “aims to imagine a society that allows people to live safe and high-quality lives for a century or more,” looking into housing, health care, and financial stability.
The National Council on Aging is a non-profit organization that provides a plethora of resources for seniors and their carers. Its “Benefits Check-up” allows you to discover if you’re eligible for any of the more than 2,500 benefits programs available around the country. Its “Resources Near Me” locator points you in the direction of organizations that can assist you with food, health care, and technology.
The Boston College Center for Retirement Research offers briefing papers and the “Squared Away” blog on a variety of themes related to retirement security and older employees.
However, the problem of senior poverty is overtaking those brave people who are striving to discover answers.
Leaders in business, nonprofits, the media, and government must rise to the occasion, speak out, and invest the funds necessary to address this issue.
Programs must be established to prepare individuals for jobs that will pay them decently for the next 20 to 30 years or more, as well as to provide food and lodging for those whose circumstances prevent them from obtaining training.
I firmly believe that the private sector must shoulder the majority of the burden. It must regard those above the age of 55 as a valued resource. Not just “knowledge,” but true human capital that can add to the day-to-day value of what firms, big and small, are doing.
By no means are the solutions simple. However, intelligent individuals must band together rather than abandon older, destitute Americans on ice floes.
Is this going to happen? I’m not sure. But it has to be done.
Most importantly, awareness must be encouraged to aid in the alleviation of senior poverty.
This needs to be discussed at a national level.
There are just too many people that are suffering right now.
I hoped we’d be able to find answers when I started this project. What will become of these individuals? How will they manage to stay alive? I’m still optimistic. I’m sure we’ll be in serious problems if we don’t discover answers.
We are already doing so./nRead More