Too young for Social Security, too old to get a good paying job.
This is the plight of an alarming number of 50+ Americans.
It’s causing folks over 50 to be one of the fastest growing segments of the homeless population according to reports by the federal government, major universities and metropolitan cities from New York to San Fransisco.
Suddenly, men and women are living on the street, fearing for their lives and safety daily. They guard the few possessions they can carry by day and lose sleep to this watchfulness each night. Women are the most vulnerable, both from other stronger women and from men and women who are of questionable mental stability. Men and women alike suffer from malnutrition, exposure to the elements and a lack of essential sanitary conditions and medical care. Their lives are bleak, unhealthy, and seemingly hopeless. Most 50+ homeless look like they’re 70 years old due to difficulties associated with this lifestyle.
The reasons for this surprising phenomenon, which has been on the rise for more than a decade, are many. Surprisingly, you may be at risk too.
Below are a number of factors contributing to this unprecedented rise in this alarming situation. If you find yourself checking on the boxes on these, you may be at risk. Just as in healthcare, prevention now is far better than trying to reverse the condition later. I show you how to do that as well.
- JOB LOSS: Many find themselves homeless after 50 because they lost their job. Mergers, layoffs, downsizing, departmental reorganizing, cost-cutting, technology advances can all lead to an employee losing their job. The government reports all-time low unemployment, but those numbers are misleading. Sure, there are help wanted signs everywhere. But one cannot expect to replace the higher wages one is used to at age 50 with a minimum wage job. In fact many homeless over 50 actually have jobs but still cannot afford to pay for housing at that income level.
YOU ARE AT RISK IF YOU ARE EMPLOYED AND/OR HAVE ONLY ONE SOURCE OF INCOME – CHECK THE BOX ( )
2. NO SAVINGS: a new report by the U.S. Government Accountability Office (GAO) recently stated: As of 2016, only 52% of workers 55 and older were saving in a 401(k) or IRA. This means nearly half of older Americans have no personal savings to speak of. The GAO did state that about 40% of the households covered in its study had access to a pension through their employers though. Still, that means 29% of older Americans had neither a pension nor savings — and given the high and rising costs of housing, that a huge risk factor for homelessness. Sadly though, even many of those who are employed still find it difficult to save at their current income/expense level. They simply don’t earn enough.
YOU ARE AT RISK FOR HOMELESSNESS IF YOU HAVE LITTLE OR NO SAVINGS OR ADEQUATE INCOME TO CHANGE THIS SITUATION IMMEDIATELY – CHECK THE BOX ( )
3. ILLNESS: Beginning at age 50, the human body starts to experience many changes due to aging. Arthritis, vision decline, cardiovascular issues such as heart attack and stroke, breathing issues, cancer, diabetes, strength begins to decline, and gastrointestinal issues are just a few of the many health concerns faced as we age. If you had TB, or bronchitis, or have been treated for PTSD or any other mental health issues you are in a higher risk category for homelessness according to a 2006 Loyola University Study conducted with the Chicago Alliance to End Homelessness.
IF YOU HAVE BEEN TREATED FOR SERIOUS PHYSICAL OR MENTAL HEALTH CONDITIONS IN THE PAST TWO YEARS YOU ARE AT HIGHER RISK FOR HOMELESSNESS – CHECK THE BOX ( )
The truth is, a very large and ever growing segment of our society, those over 50, are just one incident away from poverty and homelessness. Loss of job, divorce, health issues, lack of savings are all very serious concerns.
If you have checked any of the boxes above, or are concerned about your financial future, there are many ways to secure or improve your future. And the best time to act is now – before unexpected tragedy hits.
After 50 can be the best time of your life or the worst. My goal here is to make it be the best time of your life. To that aim, I research the best and test opportunities out there daily and report back to you here.
While this very serious situation of over 50 homeless has just recently come to my attention, I have for years been quietly securing my own retirement future under the guidance of one of the brightest, most honest, caring and respected business leaders of today, Bob Bly.
Bob Bly is a fellow member of the over 50 crowd and knows intimately about our challenges. He suggested to me that he might be able to help you too and has graciously allowed me to share this helpful information with you. The very best time to get money, is before you need it.
CLICK HERE TO LEARN MORE ABOUT BOB BLY’s 50+ RETIREMENT INCOME STRATEGY
“Bene Vivere!”
ElderBob Schwarztrauber
