With Social Security there only income, most elders can barely make ends meet. Meanwhile, many elders lost a huge chunk of their retirement when the stock market tanked.
As the recession lingers, county and social service providers say more senior citizens are seeking help for food and shelter. In addition, more say they are falling prey to financial scams and other elder abuse.
Still others are struggling with the ongoing impacts of the housing foreclosure crisis and the stock market slump, which wiped out retirement nest eggs, requiring them to rely heavily on limited Social Security checks.
Escalating the problems are possible California state budget cuts that could gut programs that investigate elder abuse, and help the elderly stay healthy and remain in their homes.
Many seniors probably will not live long enough to recoup what they lost in the recent stock market dip, People work their whole lives and build up nest eggs to retire and this economy has just fooled everybody. People have lost homes and not gotten a good rate of return on (investments). They are struggling out there to make ends meet,
The largest concern is that more seniors will become completely dependent on Social Security which is usually not enough to live on. The federal Social Security program itself is hitting hard times with costs expected to exceed revenues by 2016.
Many of today's seniors are old enough to have already survived the Great Depression of the 1930s when economic hardship was a way of life. Now they find themselves saving and scrimping again.The biggest impact to seniors is in their income.
The recent economic downturn impacts all Americans, but older adults are particularly vulnerable,People deserve to live and die with dignity The biggest fear is that seniors will need to make choices between food, housing and medical care.
As housing and other costs rise, waiting lists for the elderly seeking Section 8 subsidized housing in California have also soared, Seniors have an advantage over younger people because they can get Social Security and usually can find a board and care home to live in. Most local shelters cite financial elder abuse behind senior homelessness, Others say seniors are in the street because they were in buildings that went into foreclosure.
The economy is getting to people.Other seniors are falling prey to financial scams perpetuated by their own family members or by unscrupulous companies.Seniors for the first time in their lives are making risky decisions.
Elder abuse cases, particularly financial scams, are under-reported crimes -- just one in 20 ever reach authorities,State budget cuts will cause further risk to seniors and cut down on the ability to investigate and prosecute offenders.
Contact Steven Peck's Premier Legal to talk to an experienced elder abuse and neglect attorney toll free at 1-866-999-9085.
