by– Temple Li
A recent study done by the New York State Wide Senior Action Council, Inc (NYSWSAC) found that almost 6 out of every 10 senior citizens are unable to meet basic financial needs.
Comparing senior income to the increased price of housing, food, electric and other necessities, Maria Alvarez, Executive Director of NYSWSAC implores, “when our seniors’ incomes are not adjusted to the cost of living, the realities can be very dire.” These realities are particular true for single (non-married or widowed) senior citizens. 80% of all senior-aged women face economic hardship. Other at risk groups include: renters, living in an urban area and certain minority groups. The highest percentage of economic setback among the elderly is found in the Bronx and Kings County Brooklyn; both areas have an EEIR (Elderly Economic Insecurity Rate) of 77%.
The report calls for a reform of current economic and social security policies, adding urgency as the baby boomers continue to reach retirement age.
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