A Dimming Dream Of Retirement In California

Name: A Dimming Dream Of Retirement In California
Uploaded: 2018-06-26T21:00:57.000Z
Duration: 8 min 36 s
Description: California has one of the highest percentages of seniors living in poverty in the United States, behind only Washington D.C. Escalating rent and healthcare costs are forcing many of California’s elderly, especially women, onto a path of downward mobility.

The Struggles of Seniors in California

Financial Challenges Faced by Seniors

Roseann Goodwin expresses gratitude for a $200 check from her friend Jim, which helps cover her living expenses.

Goodwin receives $1,060 monthly from Social Security, including disability benefits due to brain cancer, but her expenses total $2,400.

To make ends meet, she sells personal belongings on eBay and grows food in her garden; however, her rent is set to increase by 50%.

Broader Context of Senior Poverty

One in five seniors in California lives in poverty according to the Kaiser Family Foundation.

Erik Bruvold highlights an impending demand for subsidized senior housing and increased food insecurity among seniors due to low savings rates.

Systemic Issues Contributing to Financial Insecurity

Advocacy group Justice in Aging points out that wage stagnation and high costs have hindered savings for retirement.

Women are disproportionately affected; they are twice as likely to live in poverty compared to men.

Employment Trends Among Seniors

Senior employment has risen significantly; 26% of Californians aged 65–74 are working—more than double the rate from the 1980s.

Video description

California has one of the highest percentages of seniors living in poverty in the United States, behind only Washington D.C. Escalating rent and healthcare costs are forcing many of California’s elderly, especially women, onto a path of downward mobility.