AARP: Recession Hits Older Adults Hard

WASHINGTON, Sept. 14 (UPI) — Six in 10 U.S. adults age 45 and older making $25,000 a year say they’re not confident they’ll meet retirement medical and living expenses, a survey says.

The survey by AARP indicates that 36 percent of those making more than $25,000 a year say they are not confident they’ll be able to pay retirement expenses.

Forty percent of U.S. adults age 45 and older say they have canceled or postponed needed healthcare or dental treatments in the last six months. Twenty-three percent skipped doses, cut pills in half or did not fill prescriptions, compared with 15 percent of higher-income people.

“Each day, millions are choosing between essentials like buying groceries or paying for prescriptions. It’s a devastating choice that no one should have to make,” Jo Ann Jenkins, president of the AARP Foundation says in a statement.

The survey also says:

– 28 percent stopped contributing to retirement savings in the past six months, while 14 percent prematurely withdrew funds from retirement savings.

– 48 percent say they have less than $50,000 in retirement savings — 16 percent report no savings at all.

– 63 percent experienced or observed older worker discrimination.

– 20 percent report problems paying their medical bills in the last six months.

The survey of 1,000 U.S. adults age 45 and older was conducted by Closer Look Survey June 9 and June 30. It has a margin of error of 3.35 percentage points.

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