Low-income seniors in the United States live an average of nine years less than their wealthier peers, according to a new study linking financial inequality to shorter life expectancy. The report finds that the elderly income gap directly affects how long Americans live, largely due to limited access to preventive health care and chronic financial stress.
A joint study by the National Council on Aging (NCOA) and the LeadingAge Long-Term Services and Supports (LTSS) Center at the University of Massachusetts found that adults aged 60 and older in the lowest income bracket live, on average, to 76 years, compared with 85 years for those in the top income tier.
The bottom 20 percent of earners had a median income of $19,560 and the highest mortality rate of 21 percent. In contrast, the wealthiest 10 percent, with a median income of $120,000, had a mortality rate of 11 percent. Middle-income seniors, earning around $60,000 annually, showed a 15 percent mortality rate and lived roughly three years less than the wealthiest group.
“This is the first time we’ve clearly seen how health and finances are connected,” said Jessica Johnston, director of the NCOA’s Economic Security Center. “The disparity is shocking.”
Experts identified multiple factors behind early deaths among low-income seniors, including lack of preventive care, high medical expenses, and persistent financial insecurity.
According to the U.S. Census Bureau, the elderly poverty rate rose from 14 percent in 2023 to 15 percent in 2024, the highest among all age groups. About 80 percent of Americans over 60 have little or no financial assets, making them especially vulnerable to unexpected costs such as medical bills or the death of a spouse.
Economic instability among older adults also affects younger generations. Families often absorb the cost of caregiving or prescription drugs, leading to long-term financial strain.
“When older adults can’t afford long-term care or medications, their adult children end up paying those bills,” Johnston said. “That means the economic productivity of Generation X and Millennials could decline over the next 10 to 20 years.”
The findings are based on an analysis of data from 10,000 households participating in the University of Michigan’s Health and Retirement Study between 2018 and 2022. Researchers say the results underscore how income inequality continues to shape both the quality and duration of life for aging Americans.
By Eunyoung Lee [lee.eunyoung6@koreadaily.com]
