A June AARP survey regarding the financial effects of social and economic changes on Americans age 45 and over revealed:
- Twenty-eight percent of respondents reported having to stop contributing to retirement savings.
- Twenty percent reported cutting work hours or taking a pay cut.
- Twenty percent said they had problems paying for essential items, such as food and utilities.
- Twenty percent reported having difficulties with health care-related expenses, with 33 percent of African American respondents reporting difficulties, compared to 29 percent of Hispanic respondents and 17 percent of white respondents.
- Thirty-three percent said they put off or postponed getting needed health care or dental care treatments.
- Twenty-four percent reported losing a substantial amount of equity in their home's value that they will need for retirement.
- Seventeen percent of those aged 45-64 reported having trouble paying their mortgage or rent.
Source: AARP
