New York’s elderly population is grappling with financial instability as the number of older residents living in poverty has surged by nearly 50% over the past decade, according to a report by the Center for an Urban Future. This rise coincides with the state’s escalating cost-of-living crisis, with some counties experiencing over 250% increases in impoverished seniors.
The report shows that many older adults, lacking adequate retirement income, are remaining in or returning to the workforce. The state’s over-65 population has grown by 30%, making up 18% of residents. Advocates warn this trend signals a looming financial security crisis for aging residents.
Calls are growing for increased support, including streamlined access to benefits and expanded tax credits for older workers.
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