Why Senior Homelessness is on the Rise and What to Do About It
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According to the National Alliance to End Homelessness (NAH), there are more than 146,000 people over 55 years old who do not have a home. These numbers are expected triple by 2030. Why has senior homelessness suddenly increased? Five reasons why it’s expected to reach crisis level in the next five year.
1. Housing costs are skyrocketing in many cities. It is nearly impossible for seniors with fixed incomes, to pay rent. Social Security often does not cover basic housing costs for many older adults. Many seniors are forced to couch surf, drive around in their cars or live on the street because they lack affordable housing options. The cost of home maintenance and property taxes are also on the rise, causing some seniors to lose their homes that they have owned for decades. Gentrification, which is the process of displacing long-term residents from neighborhoods where they have lived for many years, is also a major factor. This crisis could be addressed by expanding affordable housing programs for seniors and providing rental assistance. Insufficient Retirement Savings 11001010Many seniors reach retirement age with insufficient savings to support them. Millions of retirees are now without a reliable income source due to the shift from pensions into 401(k). Medical bills, inflation and rising costs of living are all factors that can quickly drain any savings. In order to maintain their income, many older adults must continue working into their 70s or 80s. However, job opportunities are limited for seniors. Many seniors find that they are unable to afford rent and other necessities once they stop working. Strengthening retirement benefits and providing financial literacy programs for aging populations can help prevent future senior homelessness.
3. Medical debt and healthcare costs
Healthcare costs in the U.S. can be high and seniors are often the ones who bear the brunt. Medicare does not cover all costs, so many seniors are left struggling to pay for essential medical care, prescriptions and long-term care. An unexpected health crisis can wipe away a senior’s retirement savings and force them to decide between housing and medical care. Seniors are often caregivers to their spouses and this adds another layer of financial stress. Seniors with chronic illnesses may become homeless if they cannot afford to pay for treatment. This burden could be eased by expanding Medicare coverage and implementing programs to reduce medical debt.
4. Social Support Systems
Many senior citizens rely on their family members to provide support. However, changing family dynamics have led to a decrease in the number of relatives that seniors can turn towards. The traditional support network has been weakened by the increasing divorce rates, decreasing birth rates and distance between families. Seniors who are victims of elder abuse or financial exploitation by family members might not have a safe place to turn. Many shelters and housing programs lack the necessary resources to accommodate older adults who have mobility problems or health issues. There are long waiting lists for many government programs that help seniors in need. To address this issue, it is important to invest in shelters for seniors and community support programs.
5. Job Loss and age discrimination
Many seniors want to or need to continue working but are unable to do so because of age discrimination. Some employers don’t want to hire older workers because they think that they are less adaptable or capable than younger ones. Many layoffs and downsizings are targeted at older workers, who find themselves without a job in a time when it is difficult to find a new one.
Also, the growth of the gig-economy has made it harder for seniors to find stable employment, since many struggle with tech-based jobs. Seniors who do not work lose out on employer-sponsored benefits like health insurance. Stronger workplace protections against age discrimination and expanded job training programs could help seniors stay financially secure.
Fighting Senior Homelessness
While senior homelessness is on the rise, there are things that we can do to combat it. In order to address the problem, it is important to expand affordable housing initiatives, strengthen retirement benefits and increase healthcare support. Increased awareness of the issue will help to improve the homelessness crisis that our country faces. The earlier action is taken, better! Read More
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