Research on seniors’ finances before and after Great Recession yields grim predictions for current recession

New research from the National Council on Aging assessed the potential effects of the COVID-19 recession on seniors by utilizing data on the economic situation of U.S. adults ages 60+ both before and after the Great Recession. The research found that low-income older adults experienced more financial losses than higher-income counterparts, as did older adults of color compared with non-Hispanic white older adults. Poverty rates for adults over 60 increased from 5% before the recession to 7.3% after the recession. Post-recession poverty levels were even higher for Black older adults (16.4%) and Hispanic older adults (20.1%). Researchers estimate that a COVID-19 recession, if results are similar to that of 2008-09, could push 1.8 million seniors into poverty—and seniors of color are the most vulnerable to financial losses. #covid-19

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