Affordable Housing, Reports and Publications

Report Analyzes Financial Challenges for Low-Income Older Adults

Urban Institute

In July 2015, the Urban Institute released a report, Housing Costs and Financial Challenges for Low-Income Older Adults, highlighting the demographics, income sources, and spending patterns of low-income adults, those 65 and older. Using the Census Bureau’s supplemental poverty measure, the report indicated that 14.6%, or 6.5 million older adults could not meet their financial needs in 2013. This population, lacking in employer-sponsored pensions, earnings, or investments for their retirement needs, relies heavily on Social Security as a source of income.

In addition, housing is a large cost burden for older adults, even when they own their homes, due to maintenance, utilities, repairs, insurance and property taxes. Additionally, mobility limiting health concerns add to housing-related financial challenges.

The report describes policy initiatives aimed at addressing these issues, such as targeting healthcare expenses, employer based retirement incomes, and Social Security. The report notes that the Obama administration recently created the myRA program to help assist workers to create retirement accounts through automatic payroll deductions if their employers do not offer this benefit.

To read the full report, click here.


Filter News By