Many seniors face financial hardship, with 22% of retirees worrying about their ability to afford rent or mortgage payments at some point of their retirement. More than 15 million US adults aged 65 or older are classified as economically insecure, which means their income is less than 200% of the federal poverty line. While this doesn’t necessarily mean they face hardship on a regular basis, is does mean that fluctuations in expenses can be bad news. Most younger adults can find ways to make extra money if they face temporary financial hardships, something that isn’t possible for many seniors who are no longer in the workforce. This means that hardship programs can be a huge help, whether they come from the government, charities, or other organizations.
Leave a Reply