The State of Older Americans and Savings
The numbers are shocking.
- In 2012, the average credit card debt among adults aged 65+ was $9,283 (Demos).
- One-third of senior households has no money left over each month or is in debt after meeting essential expenses (Institute on Assets and Social Policy).
- The share of Americans 65 and older in the labor force went from 12.1 percent in 1990 to 16.1 percent in 2010 (Census).
- 60 percent of women over 65 across the country lack the incomes to meet basic expenses (Wider Opportunities for Women).
As part of Older Americans Month, America Saves is stressing the need for all Americans to save for their future. With Americans, especially women, living longer – the reality is that Americas need to save more money for retirement or to work longer.
Tips to Prepare to Live Debt Free in Retirement
- Start saving, keep saving, and stick to your goals
- Know how much you will need for retirement
- Save at work and/or through a Roth IRA
- Find places to cut back so you can save more
Already Retired and Need Help: You Gave, Now Save
Millions of low-income seniors continue to miss out on nearly $1.2 billion in benefits (PDF) that can help them pay for their health care, prescriptions, food, utilities, and more. These aren’t handouts—by working hard their whole lives, older adults have paid into the programs that can now provide them support needed to remain healthy and independent.
- BenefitsCheckUp —a service of the National Council on Aging (NCOA)—is the nation’s most comprehensive web-based service offering information on benefits programs, specifically programs for people with Medicare and limited income and resources.
- The Eldercare Locator, a public service of AoA and administered by n4a, is a nationwide service that connects older adults and their caregivers with information on senior services. The Locator is available both online Eldercare.gov and as a toll-free hotline at 1-800-677-1116.
About Older Americans Month
Older Americans Month is a proud tradition that shows our commitment to honoring the value that elders contribute to our communities. This year’s Older Americans Month theme—“Unleash the Power of Age!”— highlights the significant contributions made by thousands of older Americans across our nation. The event is organized by the Administration for Community Living and the Administration on Aging.