There are new resources available in our community for adults age 55 and older who are struggling financially.
Surprisingly, the current federal poverty guideline (an individual making $29,425 or less or a couple earning less than $39,825) does not reflect healthcare costs. If it did, the older adult poverty rate would be considerably higher. Increased medical costs for older adults greatly reduce the income available to meet food and housing needs.
Special challenges exist for low-income adults in different age groups. The 55-to-64 age group faces one set of hurdles, while those 65 and older face another set.
Those 55 to 64 need to work but often face longer periods of joblessness and have less of a chance of finding a job than their higher-income peers. Their limited budgets are stretched even further by expenditures on healthcare,