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Living
longer on less: The new economic (in)security
of seniors in Massachusetts
Almost 7 in 10 senior households lack
sufficient resources for long-term economic
security
Waltham, MA—A new report, LIVING LONGER ON
LESS IN MASSACHUSETTS: The New Economic (In)Security
of Seniors, issued today by the Institute on
Assets and Social Policy (IASP) at Brandeis
University finds that Massachusetts seniors
face widespread financial insecurity.
Almost 7 in 10 senior households in
Massachusetts lack sufficient resources for
long-term economic security, according to
the study. Economic risk is especially
pronounced for single senior households—with
82 percent among them facing financial
insecurity.
These findings are a result of analysis
utilizing the new Massachusetts Senior
Financial Stability Index (MSFSI) and paint
a daunting picture for state's aging
population.
The combination of inadequate pensions and
savings, high housing costs, and
accelerating health expenses, and other
trends that affect seniors, will likely get
worse unless policies are enacted to address
them.
"The current economic crisis will compound
economic vulnerabilities that have been
building for years in current and future
senior households unless policies are
developed to reverse these trends," said
Tatjana Meschede, lead author of the report
released today.
Particular vulnerabilities identified in the
report include:
42 percent of the state's senior households
do not have adequate financial resources
from savings, Social Security, or pension
income to cover essential expenses across
their expected life spans.
35 percent of senior households have no
financial resources left each month after
paying for essential expenses and therefore
cannot cover extras or unanticipated
expenses.
52 percent of senior households face
significant housing expenses, forcing older
Bay State residents to cut back on other
necessities in their budgets.
"With a higher percentage of seniors than
the nation overall, Massachusetts should be
a leader among states in preparing for the
aging of the population.
"The
state has many assets to build on, but
policymakers must develop policies to
address the high cost of living in the
state," urged Thomas Shapiro, co-author of
the report and Director of the Institute on
Assets and Social Policy.
These ominous trends for older adults have
been accelerated by the current economic
crisis, increasing the urgency to stabilize
and enhance retirement resources.
"Future retirees will be worse off unless we
attend to policies that grow their resources
for the future, and combat the rising costs
of essential expenses for seniors," said
Meschede
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