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WASHINGTON, DC—AARP Foundation announced today the release of a comprehensive national report by the Urban Institute examining current employment for low-income older workers and low- and middle-wage occupations projected to grow most rapidly between 2014 and 2024. This report, funded by AARP Foundation, is the first of its kind to study both older adults and low-income workers. With Americans living longer and life expectancy continuing to increase the research is designed to provide a better understanding of employment trends for low-income older workers.
Defining low income as 300% or less of the 2015 federal poverty level ($35,310 or lower for a one-person household) and looking at workers age 50 and older, the Urban Institute revealed that there are 13.2 million low-income older workers nationwide. In 2016, the median retirement age in the United States was 63 years old. Within this group, there are over 1.5 million older adult workers living below the federal poverty line ($11,770 for a single individual). Thus, there are more individuals 50 and over who work and live below the poverty line than there are unemployed individuals 50 and over.
The Urban Institute report discovered that low-income workers are less likely than other workers to plan to stop working in the next five years. In fact, almost half (44 %) of low-income workers have no plans to retire and the likelihood that workers stop working in the coming years decreases with income.
“Having a job doesn’t guarantee that you’ll be able to make ends meet,” explains Lisa Marsh Ryerson, president of AARP Foundation. “That’s the harsh reality highlighted by this report. It’s a call to action to implement solutions that will help lift the burden of poverty from older workers.”
The report examines the stark reality of how low-income older workers struggle to make ends meet and takes into account gender, age and ethnicity. Key highlights include:
“Without action, poverty for seniors will increase,” notes Ryerson. “We must use the vital information in this report to take action and prevent more older adults from succumbing to poverty.”
To read the second release about occupation projections for low-income older workers please visit https://press.aarp.org/.
To find more information about AARP Foundation, visit aarpfoundation.org.
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About AARP Foundation
AARP Foundation works to ensure that low-income older adults have nutritious food, affordable, livable and healthy housing, a steady income, and strong and sustaining bonds. We collaborate with individuals and organizations who share our commitment to innovation and our passion for problem-solving. Supported by vigorous legal advocacy, we create and advance effective solutions that help struggling older adults transform their lives. AARP Foundation is the affiliated charity of AARP. Learn more at aarpfoundation.org.