50% of Seniors Living Alone Lack the Funds to Pay for Necessities

Half of adults aged 65 and over who live alone don't have the money to cover their basic needs, according to recent research from the University of Massachusetts Boston. And nearly a quarter of households with two adults 65 and over are also lacking the financial resources to pay for necessities. 

This means a staggering number of seniors will spend their later years struggling financially rather than enjoying life.

For these current retirees, cutting costs of living and exploring options to increase income are essential. For those who are still working, these statistics should serve as an important wake-up call to step up savings rates to avoid a similar fate. 

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Source Fool.com