Nearly half of all people over 55 — one in seven Americans—had no money saved and risked heading into poverty, estimates from the U.S. Government Accountability Office show.
If 40 million Americans were suffering from the same severe problem, you might think it would be the subject of considerable media attention, a host of government programs, infusions of business capital and a hot topic of national conversation.
Why the problem of senior poverty should scare you If this doesn’t scare you, it should. Not only because of the size of the problem, but because you shouldn’t assume you are immune. I became aware of this problem because I had been in this population, even before I reached its “official” age. Though I had a good education and a pretty good career, I went through a difficult multiyear, multi-state child custody battle , receiving sole custody of my then very young children. This completely drained my finances and derailed my career — a trade-off I was happy to make.
I often compare this problem to the civil rights and women’s movements of the late ’60s and early ’70s which I witnessed up close and which also affected tens of millions of previously overlooked and ignored people who weren’t part of the national conversation. The New School for Social Research has found that unemployed Americans age 55 and older have been taking longer to find work than midcareer workers for the first time since 1973.
True, and sad, stories The brother of one of my closest friends who is in his 60s and has a Ph.D from a top university. For years, he has been unable to find work. He moved in with his mother. His finances have improved a bit lately, but only after two decades of poverty. The Stanford Center of Longevity, for example, has multiple ambitious initiatives, including its “New Map of Life,” which “aims to envision a society that supports people to live secure and high-quality lives for a century or more,” exploring housing, health care and financial security.
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