Rising inflation coupled with higher costs of living have put strains on many Americans’ pursestrings. But estimates from the University of Massachusetts-Boston’s Elder Index detail the toll of the cost of aging on the nation’s elderly residents.
Over half of older women who live alone are classified as poor under federal poverty standards or have insufficient incomes to pay for essential expenses, while 45 percent of men share the same financial situations.
The index takes several factors into account including cost of health care, food, housing, and transportation and can be adjusted based on seniors’ health status. In 2020, data from the index showed over 2 million older couples were considered financially insecure based on their yearly incomes.