Progress Illinois

Nearly half of the country’s senior citizens are economically vulnerable, a new report from the Economic Policy Institute finds.

About 19.9 million, or 48 percent, of America’s seniors have incomes that are less than two times the supplemental poverty line, according to the report.

Jo Reed, director of the Elder Economic Security Initiative at Wider Opportunities for Women, said it is often poorly understood just how economically vulnerable older adults are, particularly women and people of color. Senior debt levels are also reaching record levels, she explained.

“We want to call attention to this reality, and based on this do everything we can to ensure that there are programs and policies in place that bolster the economic security for our elderly,” Reed said.

Illinois’ extremely low-income renters are in dire need of affordable housing, according to a recent report issued by the National Low Income Housing Coalition and Housing Action Illinois.

According to the report, for every 100 extremely low-income households in Illinois, there are only 28 available and affordable rental homes. In Illinois, a family of four is considered extremely low-income if their annual income is less than or at $21,650, which is 30 percent of the area median income.

Extremely low-income renters typically spend more than half their income on rent, according to researchers.

“When you are paying 60 or 70 percent of your income toward your housing costs, there’s not much money left for the other necessities of life, such as food, medical costs or investing in your education,” said Bob Palmer, policy director for the statewide housing coalition, Housing Action Illinois.