Aging well starts early—long before retirement age
Ramsey Alwin
National Nonprofit CEO | Policy & Social Impact Strategy Executive ?? Championing Economic & Social Justice
The one thing that will happen to every person born in this world is that they will age. By 2030, those of us aged 65 and bolder will increase from 49 million to 71 million. Yet, more than 25 million older adults are economically insecure, with incomes below 250% of the federal poverty level. Many are just one bad break away from facing significant financial hardship, and many turn to high-interest credit options to meet basic needs. A disproportionate number are women of color—62% of Latinas and 60% of African American women are aging into economic insecurity.??
The road older women travel cannot be wrought with bias, stigma, and seeing us as “less than” once we reach a certain age. After a lifetime of working hard, playing by the rules, raising the next generation, and contributing to our economy and community, we owe it to ourselves to ensure that every older woman has the opportunity to age well.??
What We Know ?
Our work to help older adults secure jobs, enroll in programs that assist with food and medicine, better manage chronic conditions like hypertension and diabetes, prevent falls, and gain access to life saving vaccines brought us into the lives of nearly 6 million older adults just last year. When we took a closer look at the demographics of those raising their hand and asking for our help, we learned that over 70% of those individuals were women. And our social impact demographics track with the national trends -??
What's on the minds of women?
To further understand the concerns of women and gauge the nation's appetite for policy change, NCOA and the Women's Institute for a Secure Retirement partnered with the bipartisan polling team of Public Opinion Strategies and Lake Research Partner to lift up the voices of women 25 and bolder with a special focus on White, Black, and Latina women with individual income below $25,000/annually or household $50,000/annually.??
Women in the surveys were candid about their fears and concerns when it comes to their financial security.?
When asked why they do not feel financially secure, women share:??
Women weigh in on policies that would make a difference?
The survey also asked women to express their level of support for potential policy solutions that could help. 90% of women supported eight of the solutions and recognized that these solutions would require new government investments.
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These include:?
1. Make the cost-of-living adjustment for Social Security benefits more accurately reflect the cost of housing and health care (94% total support)?
2. Provide a tax break to family caregivers to help cover out-of-pocket costs of providing care to a seriously ill, disabled, or elderly loved one (94% total support)?
3. Raise the minimum Social Security benefit to above the federal poverty level (92% total support)?
4. Improve access to the Supplemental Social Security Income program, which provides monthly benefits to people with limited income and resources who are disabled, blind, or age 65 and older (92% total support)?
5. Provide free educational programs to middle-aged and older adults on how to save for retirement and make the most of their Social Security benefits (91% total support)?
6. Create a new government-provided retirement plan that would allow workers whose employers do not currently provide a retirement plan to set-aside their savings tax-free until they retire and start withdrawing funds from the account (91% total support)?
7. Provide government assistance to lower income older adults to help pay for basic needs, such as food, housing, and transportation (90% total support)?
8. Create a new government program that provides up to 12 weeks of paid leave to workers who need to leave work to care for a seriously ill family member (90% total support)?
A path forward?
The bipartisan support from women of all ages and life stages for these policy proposals is profound. It demonstrates now is the time to strengthen and expand public policy aiming to shore up lifelong financial security of women.??
Whether a woman can age well starts early—long before retirement age. It is time we recognize what women want and make the long overdue changes needed to ensure all women can age well in America. Our mothers deserve better. Our daughters deserve better. We all do.??
ASC & EIP Commissioner at Cambridgeshire County Council
10 个月Ramsey, thank you for sharing this information.
Visionary Physician Executive Driving System Transformation & Senior Care Solutions | Innovator in Physician Workforce Development | Speaker on Dementia & Health Equity | Aspiring Health Organization CEO
1 年Thanks very much for this piece Ramsey Alwin. The policy changes, especially if implemented together, would certainly be very powerful for women and health aging. The effects of these would certainly be quite effective in supporting the younger generations that they are supporting.
HR Benefits/Retirement Professional & Podcast Host
1 年Excellent piece! We need to get this impactful advocacy across all organizations to clearly grasp the importance of support for women in planning financially and mentally for retirement. Helping women transition successfully is key!
Global Initiatives Lead & Africa Regional Representative at HelpAge International | Co-Chair United Nations Civil Society Conference in Support of the Summit of the Future
1 年Excellent piece Ramsey Alwin