Older Americans Are Getting Slammed Financially During COVID-19 Times

[G_j]

Last edited Mon Sep 20, 2021, 09:20 PM - Edit history (1)

https://www.nextavenue.org/economic-hardship-older-americans/

A new study finds it's worse for them than in 10 other wealthy nations

By Richard Eisenberg
September 15, 2021

We've all known that COVID-19 has taken a cruel toll on the health of older Americans. Now, a new study from The Commonwealth Fund foundation finds that the coronavirus has been equally brutal financially.


In fact, the 2021 International Health Policy Survey of Older Adults shows Americans 65+ have been facing greater economic hardship and health care disruption than people their age in 10 other wealthy nations. In some cases, far greater.

19% of older Americans reported they used up their savings or lost their main source of income because of the pandemic.

The findings were released a day after the U.S. Census reported that median household income for Americans 65+ fell by 3.3% from 2019-2020. It's now roughly $46,400, said David Waddington, chief of social, economic and housing statistics at the Census. (The median household income dropped by 2.6% for those under 65).

..more..

[central scrutinizer]

1. Fortunately, not my experience. (Age 71)

My income, thanks to Social Security and my union pension, has remained stable. My savings are intact. So, I have lavishly overtipped and given large gifts to younger family members. (I am facing a $3000 dental bill but that has nothing to do with Covid-19.)

[marybourg]

2. Nor mine. Spending is less during pandemic

While income is unaffected.

[Skittles]

5. I have been donating the gas money I have saved to the local food bank

yes indeed

also, I don't dine in but when I pick up the food I tip the same as if I had dined in.

[Deuxcents]

3. Been ok so far

But I’m feeling the pinch lately with groceries n gas prices. Fox interviewed some people..retired n not retired n they blamed Biden on the gas prices. Don’t they know the north gulf, where a lot of our refineries are located, got slammed this season with hurricanes n tropical storms? Did Biden cause them? Of course, the buck stops with him but come on. We all gotta tighten up some n this Covid is, in my opinion, the scab that’s been torn off exposing our inequality in wages, health care n our distribution of products. Not gonna get better unless Congress starts getting serious and get to work.

[Tomconroy]

4. I guess many older workers lost their jobs and were

Forced into involuntary early retirement. I suppose some retired people who depended on a part time job to supplement their income that disappeared also suffered.

[PoindexterOglethorpe]

6. Perhaps that's just another example of how so many older Americans have done

a piss-poor job of planning for their old age.

I'm 73, retired, living on: Social Security, two annuities, a very small pension, and income from savings. And it's essentially that median income that's reported. It has not gone down during the pandemic, and in fact one of the annuities just went up by a whopping three bucks per month, because it's increased in value. I actually have more money and a better income than I've ever had in my life. Plus, I'm saving tons of money because I'm rarely eating out, something I did several times a week in the past, and haven't made any of my normal trips in two years.

In March, 2020, I took a cruise to Hawaii. I got back home from that to a shut-down state, and the science fiction things I would normally go to have been cancelled since then. Looks like I'll be able to go to Mile Hi in Denver next month. It will be so good to see friends I haven't seen in two years.

[Shanti Shanti Shanti]

7. Senior Citizens League is advocating for stimulus checks to those receiving Social Security benefits

[Mr.Bill]

8. A decent raise reflecting the actual cost of inflation would be nice.

And I mean every year.

[G_j]

9. That would be very helpful

doesn’t look like it would happen though.