Poverty among older New Yorkers reaches record high: report
Victor Lopez, a 65-year-old resident of Chelsea, Manhattan, is one of those affected.
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He has lived in the same apartment with his wife since 2010. Blind and living below the poverty line, Lopez depends on financial case management services from Encore Community Services to help him manage his daily challenges.
'It's hard because my income is very low,' Lopez explains. He lists the essentials that eat up his limited budget: 'Supermarket, for example, medications, transportation, the clothes.' Each month, he faces new worries about how to pay for these necessities.
Jonathan Bowles, Executive Director of the Center for an Urban Future, is sounding the alarm. 'We're at an all-time high for older adults, people 65 and older,' he says. 'New Yorkers all over the five boroughs are really struggling to live comfortably in old age.'
A recent report from the Center highlights the financial insecurity facing older New Yorkers, with a large majority lacking stable retirement income.
According to up-to-date census figures, more than 250,000 seniors in the city now live below the poverty line. The Bronx faces the most severe burden among the boroughs lacking retirement income.
Bronx: 63.6%
Brooklyn: 63.5%
Queens: 59%
Manhattan: 53.2%
Staten Island: 52.3%
More: Latest News from Around the Tri-State
Experts point to several factors driving this trend: the rising cost of living, insufficient retirement savings, and the growing number of people living longer lives. Bowles is calling for urgent policy changes to address the crisis. 'They're really struggling to get by in this very expensive city,' he says.
Despite the barriers of Lopez's disability and limited job opportunities, he remains hopeful that action will soon help his generation live with dignity and security.
For more information on the report, click here.
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