A recent AARP survey regarding the financial effects of social and economic changes on Americans age 45 and over revealed:
- 28% of respondents reported having to stop contributing to retirement savings.
- 20% reported cutting work hours or taking a pay cut.
- 20% said they had problems paying for essential items, such as food and utilities.
- 20% reported having difficulties with health care-related expenses, with 33% of African American respondents reporting difficulties, compared to 29% of Hispanic respondents and 17% of white respondents.
- 33% said they put off or postponed getting needed health care or dental care treatments.
- 24% reported losing a substantial amount of equity in their home’s value that they will need for retirement.
- 17% of those aged 45-64 reported having trouble paying their mortgage or rent.
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