COVID MAY IMPOVERISH AGING AMERICANS.

The financial hardships created by the COVID-19 pandemic will push an extra 1,400,000- 2,100,000 older Americans into poverty. That is the sobering conclusion of a published National Council on Aging and University of Massachusetts issue brief that looks at historical data from the recession of 2008 and applies the findings to today's economic and public health crisis.

"Recent history shows us that older adults suffer significant declines in net wealth during large and unanticipated economic downturns," says Susan Silberman, senior director of Research & Evaluation at NCOA. "A case in point is the Great Recession that began with the collapse of financial markets in 2008. A common trend seen across those aged 60 and older was a decrease in total net wealth and taking on greater debt during times of recession."

However, the issue brief also found that some retired older adults were better able to weather the financial storm thanks in part to retirement...