Older Americans Are Doing Better Than Most. That Doesn't Mean They're Fine.

Among adults 65 and older, 26% reported trouble affording at least one of the four necessities. That compares with 60% of adults ages 18 to 29, 50% of those ages 30 to 49, and 39% of those ages 50 to 64.

Income also made a substantial difference. The share reporting difficulty was 71% among lower-income adults, 39% among middle-income adults, and 13% among upper-income adults.

These figures suggest that many older Americans have a degree of financial stability that younger adults have not yet achieved. But they also show why age alone tells us relatively little about an individual's financial circumstances.

Older adults were less likely than Americans overall to report certain financial difficulties. Thirty-five percent said they lacked emergency savings sufficient to cover three months of expenses, compared with 53% of adults overall. Nineteen percent said they could not pay some monthly bills in full, or could make only partial payments, compared with 27% overall.

Yet 40% of adults 65 and older said they did not have enough income to lead the kind of life they wanted.

And 14% said they had received food from a food bank or pantry in the previous year.

That is not a small number. It is a reminder that a group can look relatively secure in a national comparison while still containing people facing genuine hardship.

The figures for adults ages 50 to 64 are worth a closer look. Thirty-nine percent in this group reported trouble affording at least one of the four necessities—more than the 26% among adults 65 and older.

That difference raises an important question: how much of the apparent improvement in later life reflects Social Security, Medicare, reduced housing costs, or other changes that accompany retirement?

The survey cannot answer that question. It compares age groups at a particular point in time; it does not follow the same individuals through retirement or establish why their circumstances differ.

Still, the numbers suggest that the transition into retirement deserves more attention. People approaching retirement may be managing current expenses while trying to build savings, pay down debt, or prepare for healthcare costs.

A few practical steps may help people facing immediate financial pressure:

• Prioritize essential bills. List due dates and consequences for nonpayment so you can make informed decisions about limited funds.
• Ask about hospital financial assistance. Before paying a large medical bill, contact the hospital's billing department and ask about its financial assistance policy and eligibility requirements.
• Contact utility providers early. Ask about payment plans or hardship programs before a missed payment becomes a larger problem.
• Check benefits eligibility. Medicare Savings Programs may help eligible people with certain Medicare costs. Depending on income and circumstances, food assistance may also be available.
• Be cautious with payday loans. Pew reported that adults who experienced affordability problems were much more likely to say they had taken out a payday loan than those who did not report these problems: 31% versus 4%. This is an association, not proof that financial hardship caused the borrowing or that borrowing caused the hardship. High-cost short-term loans can nevertheless make an already difficult situation harder to manage.

Pew's findings offer a useful snapshot of Americans' reported financial experiences. They show clear differences by age and income, but they do not explain the causes.

The survey also cannot tell us how many people skipped medical care, went without other necessities, or faced a particular hardship because of a specific policy or life event. Those questions require additional evidence.

The central lesson is straightforward: averages can conceal serious vulnerability. Many older Americans report fewer affordability problems than younger adults, but the experience of the typical retiree does not describe everyone who reaches 65.

Retirement doesn't guarantee security. Older adults report fewer affordability problems overall, but people who reach retirement with little income or savings can still face serious hardship. The figures for adults approaching retirement also deserve attention: financial stability in later life can depend heavily on the resources people carry into it.