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The financial security of many elderly Americans has been greatly affected by inflation and the COVID-19 pandemic.
With the highest inflation rate since 1981, around 50% of the elderly are unable to afford essential expenses like food, housing, health care, transportation, etc. It’s estimated that 54% of single older women and 45% of single older men are classified as poor under federal poverty standards.
And for the first time in 50 years, adults over age 55 have faced unemployment at a higher rate than younger adults. With increased unemployment comes not only loss of pay but often loss of benefits such as health insurance, that are tied to employment.
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This blog is intended to be a compilation of information and resources pulled from federal, state, and local agencies. This is not intended to be legal advice. For up to the minute information and guidance on COVID-19, please follow the guidelines of the Centers for Disease Control and Prevention (CDC) and your local health organizations.