In the current challenging economic environment, many New Yorkers are struggling to maintain financial stability. This situation is even more dire for the population aged 65 and over. A recent report released by the non-profit think tank Center for an Urban Future (CUF) reveals that economic security for older adults in New York City is facing an unprecedented crisis.
Over the past decade, the population of elderly living in poverty in the city has increased by 40.9%. Currently, 18.4% of citizens aged 65 and over are living below the poverty line, totaling 250,000 people, reaching a historic high.
Adding to the concerns is the fact that many elderly New Yorkers do not have a stable source of retirement income. Among citizens aged 70 and over, nearly 60% have not reported any retirement income. Additionally, 18.8% of elderly citizens do not have Social Security income, meaning they are not benefiting from the country’s most basic retirement security system.
Due to insufficient savings and rising cost of living, more and more elderly individuals are choosing or being forced to delay retirement. Over the past decade, the employment rate of individuals aged 65 and over in New York City has increased by 66.1%, accounting for 18% of the elderly population. Among them, Asian elderly individuals have shown the largest increase in labor force participation, reaching 114.9%.
Self-employment is also significantly on the rise, with 47,880 self-employed individuals aged 65 and over, a growth rate of 65.2%. Currently, almost one-fifth (19.5%) of elderly workers are self-employed, nearly twice the city’s overall self-employment rate (8.9%). The increase in self-employment among Asian elderly individuals is even higher at 148.5%.
Ethnic disparities in poverty are also evident. The report indicates that Hispanic elderly individuals have the highest poverty rate at 27.2%, followed by Asians at 24.7%, Blacks at 18.2%, and Whites at 12.9%.
The report emphasizes that elderly immigrants, in particular, are in a vulnerable position, as over half of New York City’s elderly population (698,056 individuals) were born in foreign countries. Among this group, 21.7% live below the poverty line, a far higher percentage compared to elderly individuals born in the United States (14.9%).
This report sheds light on the financial challenges faced by New York City’s elderly population and offers recommendations for government actions. More details can be found in the report at: https://nycfuture.org/research/the-emerging-financial-security-crisis-facing-nycs-older-adults.