Aging and Financial Security
According to a recent survey conducted by the San Mateo County Commission on Aging, financial security is a priority issue for many San Mateo County seniors. The UCLA Center for Health Policy created an Elder Economic Security Standard that calculates the cost of living for seniors living in each California county. They found that nearly a quarter of California seniors are living below this standard but above the federal poverty threshold. These “hidden poor” elders are nearly twice as likely to report being in poor or fair health than more affluent elders. Seniors of color are even more financially vulnerable. One driver of disparities in senior financial security is the fact that many workers of color lack access to a retirement plan. To address this issue, the California State Treasurer is currently developing a state-run retirement program that will allow millions of California workers to begin saving for their retirement. Literature shows that higher income and assets are associated with better health outcomes.