Elders Voice Concern about Economy

This week, we are highlighting an Associated Press video on YouTube titled, “Financial Crisis Taking Toll on Nest Eggs”. Elders and other advocates are featured in the video discussing the frustration and financial uncertainty the economic crisis is having on elders. One thing the piece shows is the vast amount of elders affected.

Little has been said or done yet about retirees or older workers in regards to the currently discussed economic stimulus package, although both groups are being affected just as much if not more than the rest of the population. As mentioned in the video, retirees are living on a fixed income unable to attain additional income and are uncertain if they should keep in or take out their money from the banks because of the shaky financial situation. In addition, retirees who may want to reenter the workforce face the staggering statistic of 25.9 weeks to find a job, as stated in an AARP report last month.

One of the last segments of the video talks about elders’ hope that the government will work toward securing their funds and the Elder Economic Security Initiative is working with elders toward this goal. Through our policy efforts, we want to make sure elders are assisted by the upcoming economic stimulus bill. Our fact sheets for policymakers, advocates, and service providers, also provide a deeper look into the Initiative and how we are helping elders to afford their basic food, transportation, housing, and healthcare needs.