Aging and Poverty

Aging and Poverty
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Aging and Poverty
Introduction
Poverty is a global phenomenon experienced across different demographics. After retirement and faced with diminished capacity to work, older adults aged 65 years and above are at increased risk of grappling with poverty. According to Kwan et al. (2018), people in this age group are at increased risk of poverty because of their increased dependency risks. Following the pandemic, America's elderly population has faced increased poverty levels, calling for scholarly and policy attention.
Recent Statistics
In 2021, the U.S. Census Bureau reported a 1.4% increase in poverty Among Americans aged 65. The 1.4% translates to 1 million more older adults since 2020, relying on scarce resources to make ends meet (NCOA, 2022). In other words, there are over 16.5 million elderly Americans who are economically insecure or living below 200% of the federal poverty level. According to Cubanski et al. (2018), the official figures provided by related government agencies underestimate the actual phenomenon. These statistics are alarming, considering that the first increase was experienced after the pandemic.


Figure  SEQ Figure \* ARABIC 1: Recent Statistics Courtesy of Cubanski, Koma, Damico, & Neuman (2018)
Factors Impacting the Elderly's Finances
Old age comes with decreased ability to generate income and increased risks of health complications. This means the elderly face significant financial burdens with a high risk of falling into poverty. According to Khan et al. (2017), the risk of sliding into poverty is high among the elderly, especially those that do not enjoy retirement benefits or those who depend on government support. With age, financial muscle deteriorates just the same way as their physical and mental health. Health risks like chronic complications and the need for elderly care also burden this population and their families. Other factors that may exacerbate poverty in this population include insufficient social capital and dependence by younger family members.


Figure  SEQ Figure \* ARABIC 2: Counting Coins Courtesy of (MW, 2022)
Working in Old Age
With the number of old age individuals living in poverty, the number of working beyond their retirement age has also increased (Watts & Netuveli, 2022). The trend shows that old age is a double-edged sword where on the one hand, the body cannot sustain excessive physical work. On the other hand, they are less likely to be hired because most employers are looking for strong, youthful individuals. Therefore, the population falls into poverty.


Figure  SEQ Figure \* ARABIC 3: Image Courtesy of (BI, 2017)
Homeless &...