Financial stability for older adults in New York City is diminishing, with a significant increase in poverty rates among residents aged 65 and over. According to a recent AARP-supported policy brief, over 250,000 seniors are living in poverty, which has risen dramatically since 2013. The Bronx and Brooklyn show particularly high poverty rates. Contributing factors include lack of reliable retirement income and increasing living costs, leading many seniors to either prolong or re-enter workforce participation, including a notable rise in self-employment among older adults.
More than 250,000 older New Yorkers were living in poverty in 2023, highlighting an alarming increase in financial instability for seniors.
The lack of retirement security and rising living costs are driving many seniors back into the workforce, with self-employment among older adults significantly increasing.
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