The challenging goal of elder economic security – having enough income to live independently and afford a no-frills budget in later life — is dramatically more difficult for older adults of color across America, new research from the University of Massachusetts Boston shows.
Half of all older adults living alone and 23 percent of older couples are unable to achieve that goal and live with some degree of economic insecurity, according to the McCormack Graduate School’s Gerontology Institute. A new report calculating racial disparities within those numbers shows rates of economic insecurity among Black, Latino and Asian older adults far exceeding those of white adults and the overall national average.
The report also details the economic insecurity levels of older adults of color in individual states and the states in which racial disparities are greatest.
“Economic security is a serious problem for older adults across the United States,” said professor Jan Mutchler, the lead author of the UMass Boston report. “But the situation is much more dire among older adults of color and the economic impact of the COVID-19 pandemic has almost certainly made their economic circumstances even worse.” Continue reading