A new study highlights a growing financial crisis for older adults in New York City, demonstrating a 40.9% increase in poverty over the past decade. Currently, 18.4% of older adults live in poverty, with the Bronx and Brooklyn showing particularly high rates. Many older adults lack stable retirement income, which has forced them to continue working into their 70s out of necessity. The report underscores the urgency of addressing these disparities and calls for increased support to help older New Yorkers live with dignity.
"It's alarming how many older New Yorkers are financially insecure and have no savings and no income coming in. Our city must act now to shore up the safety net and invest in the infrastructure that supports aging with dignity."
"Today, 18.4% percent of older adults across the five boroughs live in poverty, but the older adult poverty rate is even higher in the Bronx, where a quarter of all older adults (24.9% percent) live below the poverty line."
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