"While the recession has been devastating for many older Americans, this recent data indicates lower-income folks are being hit particularly hard," said Jo Ann Jenkins, president of AARP's affiliated charity, the AARP Foundation. "Each day, millions are choosing between essentials like buying groceries or paying for prescriptions. It's a devastating choice that no one should have to make."
Similar to the general population, lower-income older adults have cut back, but they are doing so in greater numbers. Nearly 40 percent had to cancel or postpone needed healthcare or dental treatments in the last six months—twice as many as higher-income adults. Twenty-three percent skipped doses, cut pills in half or did not fill prescriptions, compared with 15 percent of higher-income people. Lower-income adults are twice as likely to have looked for more affordable housing in the last six months compared to higher-income levels. And half used their car less to cut down on gas costs.
Additional findings for all income levels indicate the continual struggles older Americans are experiencing in tough economic times:
•More than one in four adults 45+ (28 percent) stopped contributing to retirement savings in the past six months, and 14 percent of adults 45 to 64 reported having to prematurely withdraw funds from retirement savings vehicles—a trend which has increased at a significant rate over the recession.
•When asked about current value of retirement savings available, nearly half (48 percent) reported having less than $50,000 in savings, with 16 percent of those reporting no savings at all.
•With many older workers currently facing extended unemployment, a large majority (63 percent) of respondents said that, based on what they have experienced or observed, older workers face age discrimination in the workplace.
•Twenty percent of people 45+ reported problems paying their medical bills in the last six months. The percentages were significantly higher for Hispanics (29 percent) and African-Americans (33 percent).
•More than a quarter of people 45+ have put off or postponed getting needed health care or dental treatments or services in the last six months.
•Gas prices continue to be a challenge for more than a third (35 percent) of people age 45+, but finding adequate public transportation alternatives is also a problem, 34 percent say.
•A third of people age 45+ report are fixing up their homes to stay there longer even as almost half (45 percent) note that their community lacks affordable housing if they chose to move.
