Crain’s Chicago Business recently featured a piece by Mary O’Donnell, President of RRF Foundation for Aging, a philanthropic foundation headquartered in Chicago, with whom the Center for Medicare Advocacy works closely on Medicare and aging issues.
The piece, entitled “For older people, a financial booster shot” highlights the precarious nature of so many older people’s financial situations, which has been brought into harsh focus by the pandemic.
Ms. O’Donnell writes “Pre-pandemic, more than one-quarter of the 1.9 million older people in Illinois had incomes below 200 percent of the poverty level, about $23,000. Then came COVID. For all older people, the pandemic has brought heightened health risks. For many, it has meant unemployment, involuntary retirement, hunger and even homelessness.” She continues “Benefit cuts, furloughs and layoffs have further stressed older workers. Left unaddressed, they will create a cascade of economic troubles in the not-so-distant future.”
The piece concludes with a call for change: “Now is the time to mobilize financial supports that build resilience through this difficult period and allow us as we age to continue to make important contributions, not only to the economy but to our families and communities.”
- Read the full article at: https://medicareadvocacy.org/wp-content/uploads/2020/12/RRF-Crains-Commentary-12-21-20.pdf