Poor seniors die up to 9 years sooner than the wealthiest ones. How not to be one of them.

Core Insights - A recent study indicates that income significantly impacts the lifespan of older adults, with those earning less than $20,000 annually dying nine years sooner than those earning $120,000 or more [1] - The growing income inequality and increasing poverty among seniors pose a serious concern as the population of older Americans continues to rise [2][3] Income and Longevity - Seniors earning less than $20,000 per year have a life expectancy that is, on average, nine years shorter than their higher-earning counterparts [1] - Middle-income seniors, earning around $60,000, have a life expectancy that is three years shorter than those in the highest income bracket [1] Poverty Among Seniors - In 2024, seniors were the only age group to experience an increase in poverty, affecting over 9.2 million older Americans [3] - Contributing factors to this rise in poverty include elevated inflation and high caregiving costs [3] Long-Term Services and Support (LTSS) - More than half of adults aged 65 and older will require LTSS for less than two years, while 14% will need it for over five years [4] - The cost of long-term care is significant, with a private room in a nursing home exceeding $100,000 per year [4] Coverage and Planning - Medicare and traditional health insurance provide minimal coverage for long-term care services, which have seen price increases surpassing inflation [5] - There is a lack of planning among Americans for future long-term care needs, despite the importance of such planning [5] Financial Planning for Seniors - Engaging with a financial adviser at any age is crucial for creating a customized plan to avoid poverty in older adulthood [7] - Early planning is emphasized, particularly for those approaching retirement age, to ensure adequate funding for retirement years [8]