Statistics say that one in every seven seniors live in poverty. Most elderly people are on a fixed income that is barely above the poverty line. It is barely enough for their basic living expenses which consist of housing, food, health care and transportation. The majority of these elderly people are over the age of 65 years old. A large majority of them would love to work but their age and health are their dilemmas.
For many years research studies have proven that there is a big gap between income and expenses for a lot of elderly people (Eichler, 2012). Their income is remaining the same and their expenses are gradually increases. Even though a lot of the elderly saved for retirement and had a retirement plan, it appears to not be of any use at this time of their lives. Health care continues to rise and it is not something that can be ignored. The most common health conditions consist of high blood pressure, diabetes, arthritis, and a lot of times psychological problems (Brandon, 2012). Medical care is very costly and that also applies to those who have health care coverage. It appears that the co-payments for doctors visits, prescriptions, and hospitalizations.
Unfortunately people today live a lot longer than they years ago. Their financial situation becomes worse because they have more medical problems, they have replenished their retirement savings. Seniors are no living as long as 85 years. Most of the elderly who live that long require assisted living or a round the clock caregiver. If they do not, they are very lucky and beat the odds. As long as the economy remains the way it is today, the poverty level will increase rapidly (Brandon, 2012).
Depression is a common mental illness with elderly people who face or soon to face poverty. They are devastated because they lost the independence they once had. Facing poverty is something that they never dreamed of in a thousand years. A lot of times they could get family support but living a live of poverty is embarrassing and overwhelming. Unfortunately, a lot of homeless people that we see today were once honest hard working people who had dreams of how they would live after retiring.
This is not something that people should look at lightly. It should be a wakeup call of what could possibly happen to you or a loved ones without being warned.
Brandon, E. (2012, May 21). Poverty Increasing Among Retirees. Retrieved
from http://money.usnews.com/money/retirement/articles/2012/05/21/poverty-increasing- among-retirees.html.
Eichler, A. (2012, March 02). Millions of Senior Citizens Can’t Afford Basic Living Expenses:
StudyRetrieve from http://www.huffingtonpost.com/2012/03/02