Karen’s Korner: Financial challenges

Karen’s Korner,

Financial challenges due to limited income and difficulty accessing necessary benefits, are major issues facing our seniors today,

Due to rising costs of basic needs such as food, gasoline, and increases in electricity and heating and cooling costs, many seniors are facing financial problems as never before. According to Census.gov, and Aging in America, one of the reasons is the increase in the senior population: There are more of us!

Here are some statistics:

·        In 2010, the U.S. population age 65 and over was 40.3 million. In 2020, it reached 55.8 million, a 38.6% increase in just 10 years².

·        In 2019, the number of people aged 60 years and older was 1 billion. This number will increase to 1.4 billion by 2030 and 2.1 billion by 2050³.

·        Starting in 2030, older Americans will make up 21 percent of the population, up from 15 percent today. By 2060, nearly one in four Americans will be 65 years and older, the number of 85-plus will triple, and the country will add a half million centenarians¹.”

In order for seniors to survive, they will have to be able to access necessary benefits, or maintain some form of income!

Many of our seniors are entering the workforce once again.

The U.S. Bureau of Labor Statistics (BLS) projected that by 2024 – 13 million people age 65 and older will still be working. These older workers will constitute the fastest-growing segment of the workforce from 2014 to 2024. While the total number of workers is expected to increase by 5 percent over those 10 years, the number of workers ages 65 to 74 will swell by 55 percent. For people 75 and older, the total will grow a whopping 86 percent, according to BLS projections.

These workers “are vital because they have a lot of experience,” says Stefano Scarpetta, director of employment, labor and social affairs for the OECD. “They have been contributing to the economy and to their own work. They’re living longer in good (health). They have great potential. And this notion that beyond a certain fixed age they are no longer productive, that they can no longer contribute to society is nonsense. Some signs suggest that employees are beginning to think about what they can do to include workers 65 and older, to help them be more successful on the job.”

In order to make ends meet, working for as long as we choose, is the best idea yet, and it gives us purpose. A part-time job may be just what you need.