A report by the Center for an Urban Future reveals a troubling rise in financial insecurity among older adults in New York State, with nearly a 50% increase in poverty rates over the past decade. It highlights a lack of retirement savings and the need for many seniors to work beyond retirement age. The Bronx represents significant challenges with 64.3% of seniors over 70 reporting no retirement income. To combat this, the report suggests policy measures like expanding senior housing, reducing healthcare costs, and improving aging services to address these systemic issues.
Financial insecurity among older New Yorkers has surged by nearly 50% in the last decade, highlighting the urgent need for state intervention.
The report indicates that financial stability is uneven across regions, with some areas, like the Bronx, facing extreme poverty rates among seniors.
Jonathan Bowles emphasizes that unless action is taken to address affordability challenges, thousands more older adults will likely fall into poverty.
Policy measures proposed include expanding affordable housing and healthcare solutions to enhance financial security for elderly residents in New York.
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