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• Stretching Every Dollar
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• Senators Rally to Restart OAA Reauthorization
• Stretching Every Dollar

Economic Security for Seniors: Fact Sheet

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Retirement is not “golden” for all older adults. Over 23 million Americans aged 60+ are economically insecure—living at or below 250% of the federal poverty level (FPL) ($27,925 per year for a single person). These older adults struggle each day with rising housing and health care bills, inadequate nutrition, lack of access to transportation, diminished savings, and job loss. For older adults who are above the poverty level, one major adverse life event can change today’s realities into tomorrow’s troubles.

Poverty Measures

• Social Security is a lifeline for older adults, providing at least 90% of income to more than one-third of America’s seniors. If it weren’t for Social Security, nearly half of Americans over 65 would live below the federal poverty level (FPL). (Center on Budget and Policy Priorities)
• The FPL does not account for the rising cost of living seniors experience as they age, which can include illness, loss of a spouse, or care for a disabled spouse, adult dependent child, or grandchildren.
• More accurate measures of economic wellbeing—including Wider Opportunities for Women’s Elder Economic Security Standard™ Index and the Institute on Assets and Social Policy’s Senior Financial Stability Index—show millions of older adults struggling to meet their monthly expenses, even though they’re not considered “poor” because they live above the FPL, which is $11,170 for a single elder.

Income & Employment

• Many seniors rely on fixed incomes, receiving on average $1,234 in Social Security benefits, $516.90 in Supplemental Security Income each month. (Social Security Administration)
• Older women fare worse than men, with 60% unable to cover their basic, daily expenses compared to 41% of men. (Wider Opportunities for Women)
• Weekly earnings vary by age and gender. Men aged 55-64 have the highest average weekly earnings at $1,015, while women earn $760. The average weekly earnings for men 65 years and older is $780, while women earn $661. (Bureau of Labor Statistics)
• In July 2012, 30.2 million Americans aged 55+ were employed, and around 2 million were actively seeking work. The unemployment rate for mature workers in this age group is 6.2%. The average duration of looking for employment is 51.4 weeks, just a few weeks shy of a year for this age group. (Bureau of Labor Statistics)
• Workers aged 62 and older are the least likely of any other age group to regain employment after a period of unemployment. Many seniors simply stop looking for work and choose to draw on their Social Security benefits instead. In fact, as the unemployment rate rose in 2009 so did the Social Security retirement claims. (Urban Institute)

Debt & Savings

• One-third of senior households has no money left over each month or is in debt after meeting essential expenses. (Institute on Assets and Social Policy)
• In 2012, the average credit card debt among adults aged 65+ was $9,283. (Demos)
• 14% of adults aged 65+ face retirement with negative net worth, contributing to a rise in bankruptcies that has grown at the fastest pace ever due to high credit card debt and debts against their home. (Aging and Bankruptcy, U.S. Courts)

Health & Nutrition

• Approximately 14.8% of U.S. households with an elderly member were food insecure in 2010. (National Foundation to End Senior Hunger) 
• Only one-third of eligible older adults (age 60+) are enrolled in the Supplemental Nutrition Assistance Program (formerly Food Stamps).
• People of color are more likely to have a chronic disease and, therefore, greater healthcare needs; however, due to a history of disproportionately lower wages, seniors of color typically have fewer resources to cover their expenses. (Kaiser Family Foundation)

Housing

• As of December 2011, 16% of older homeowners owed more on their house than it was worth. (AARP)
• A majority of older adults have unsustainable housing costs, with 59% of older renters and 33% of homeowners with mortgages spending more than 30% of their income on housing costs. (AARP)
• 44% of African American and 37% of Latino seniors either rent or have no home equity. (Institute on Assets & Social Policy)

NCOA’s Role

NCOA offers several programs that provide hope for economically insecure older adults.

Economic Security Initiative

This initiative offers innovative programs in 20 communities to help economically disadvantaged older adults cut through red tape and create a plan to build their own economic stability and security. The service includes one-on-one assistance, counseling, and follow-up as they find job training, assistance with health care and prescription drugs, housing and nutrition programs, and financial planning.

Home Equity

NCOA's Reverse Mortgage is one of eight federally approved national counseling intermediaries. Our 60 counselors in 21 states offer unbiased information to help older homeowners determine if a reverse mortgage is right for them—and what other services and supports are available to help them age in place.

National Center for Benefits Outreach and Enrollment

The center helps organizations enroll seniors with limited means and younger adults with disabilities in a wide range of benefits programs. Since 2001, 3 million people have used NCOA’s online screening tool BenefitsCheckUp® to find benefits programs worth over $11.9 billion that help them pay for prescription drugs, health care, rent, utilities, and other needs.

Senior Community Service Employment Program (SCSEP)

SCSEP offers valuable on-the-job training and job placement that helps older workers, particularly those who are low-income or disadvantaged, build job skills and confidence. NCOA currently operates 22 SCSEP projects throughout the U.S. SCSEP is funded by a grant from the U.S. Department of Labor.

Learn more about economic security. 

Media Contacts

• Nora Dowd Eisenhower (202) 479-6976 nora.eisenhower@ncoa.org
• Ramsey Alwin  (202) 479-6649  ramsey.alwin@ncoa.org
• Maggie Flowers (202) 600-3156 maggie.flowers@ncoa.org

want to live in a country where

older adults don't have to choose between paying for medicine or food.