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P a g e
Action Area D: Financial Safety and Security
Background
The impact of social security and Medicare is fundamental on the financial well-being for
persons 65 and older. The debates, policy changes, and impacts of those programs will be
played out at the national level. However, there is potential to improve other aspects of
financial safety and security at a local level.
According to
The United States of Aging
, although most seniors are comfortable with their
current financial situation, a majority of seniors express concern about their long-term financial
security:
A majority (66%) of seniors say it is very easy or somewhat easy to pay monthly living
expenses
Nearly 1 in 5 (19%) seniors have had to reduce regular spending to pay a regular
monthly bill
Almost one-third (31%) of seniors are concerned about being able to stay in their
current home for as long as they would like
More than half (53%) of seniors nationally are concerned about whether their savings
and income will be sufficient to last the rest of their life. Older seniors (those ages 80
and older) are less likely to report financial anxieties
84% of older seniors have not had to reduce regular spending to pay a regular monthly
bill
69% of older seniors say it is easy to pay monthly living expenses
In 2012, 8.8% of households with seniors experienced food insecurity and 9.1% of households
composed of seniors living alone experience food insecurity. Food insecurity is defined as
being without reliable access to a sufficient quantity of affordable, nutritious food. For seniors,
protecting oneself from food insecurity and hunger is more difficult than for the general
population. For example, a study that focused on the experience of food insecurity among the
elderly population found that food insecure seniors sometimes had enough money to purchase
food but did not have the resources to access or prepare food due to lack of transportation,
functional limitations, or health problems. Elderly households are much less likely to receive
help through the Supplemental Nutrition Assistance Program (SNAP) than non-elderly
households, even when expected benefits are roughly the same.
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The USDA defines a food
desert as an area where 20% of households have incomes below the federal poverty level,
and 33% of the population is more than a mile from a supermarket.
Elder abuse includes several types of violence that occur among those ages 60 and older.
The violence usually occurs at the hands of a caregiver or a person the elder trusts. Six
frequently recognized types of elder abuse include:
Physical—This occurs when an elder is injured as a result of hitting, kicking, pushing,
slapping, burning, or other show of force
