Poverty Rate for Adults Over 65 Climbs 20% While General Poverty Falls

Poverty among Americans over the age of 65 has increased for the fifth straight year, new Census data shows. This rise occurred even as the overall national poverty rate declined. Claire Casey, president of the AARP Foundation, stated that the poverty rate for this demographic has climbed 20 percent. She identified affordability as the primary concern for older adults today.

The AARP Economic Security Monitor reports that 70 percent of older households experienced an increase in expenses over a three-month period. Anthony Hamalainen, 67, of Marquette, Michigan, said fixed incomes leave seniors vulnerable to these cost hikes. He noted that while others struggle, seniors are hit hardest because their earnings do not adjust for inflation. Hamalainen said, "I mean, I’m sure there’s other people are struggling too, but the seniors are really hitting it really super bad because they live on a fixed income. Most of them do."

Hamalainen owned a wireless installation company before a fall from a roof in 2006 ended his ability to work. When he attempted to return to the workforce in his 50s, he faced barriers due to his disability and age. He began receiving Social Security after the accident, but medical bills and living costs accumulated. He now survives on just over $1,000 per month in income and $40 in SNAP benefits. Hamalainen said he runs out of money every month and that living is difficult.

Casey advised older adults to focus on their capabilities rather than their age. She told them to seek out available resources to help them manage their finances. Hamalainen is currently training with the AARP to assist other seniors in finding employment. The organization offers free resources for older adults who struggle to pay bills. It also recommends that individuals check with local, state, and federal programs for additional assistance.

The data marks a divergence in economic trends between older and younger demographics. The Census figures confirm the upward trend in senior poverty. Casey emphasized the need for targeted support during periods of high cost. Hamalainen’s experience illustrates the financial strain of fixed incomes against rising expenses. The AARP continues to provide guidance and job training to mitigate these challenges.