AARP survey: Hardship not over yet for older Americans

AARP’s Closer Look survey conducted in November of last year reveals the financial affect that social and economic changes and issues have on Americans age 45 and older. Some key findings were:

• Twenty-two percent of those 45 and older said their work hours were cut, took a pay cut, or lost other types of work-related income.
• Twenty-eight percent of those aged 45-64 lost work-related income, compared to 9 percent of those 65 and older. The number of those who said they had a loss of work-related income has increased five percentage points since November 2009.
• Forty-two percent of respondents 45 and older reported having hardship related to health care, such as trouble paying medical bills, putting off needed care or not getting prescriptions refilled or resorting to splitting pills.
• Fifty seven percent of African-American and 52 percent of Hispanic adults 45 and older reported having health care-related hardships, compared to 40 percent of whites. 57 percent of those with hardships have had to withdraw or stop contributing to their retirement savings also reported health care-related hardships, compared to 26 percent who did not.

Source: AARP