Long Island Seniors Struggle to Make Ends Meet Amid Rising Costs

Long Island's senior population is facing increasing financial challenges, with many struggling to cover basic living expenses. The region's high cost of living, coupled with insufficient income growth, has left a significant portion of older adults in economic distress.

Recent data reveals that over 32,000 seniors on Long Island are living at or below the poverty line, marking a 62% increase over the past decade. This surge outpaces the 24% growth in the senior population during the same period. Alarmingly, more than 10% of residents aged 70 and over do not receive Social Security income, and nearly half lack retirement income from other sources.

The financial strain is further evidenced by the rising number of older adults remaining in the workforce. Currently, 22.6% of Long Island seniors are employed, up from 18.3% ten years ago. While some choose to work longer, many do so out of necessity to meet their financial needs.

Housing costs present a significant burden. To afford a median-priced home on Long Island, a household now requires an annual income of approximately $242,000—a dramatic 83% increase from previous estimates. This escalation has led to housing insecurity among seniors, with many unable to keep pace with rising property taxes and maintenance expenses.

The inadequacy of Social Security benefits exacerbates the issue. In 2024, the Cost-of-Living Adjustment (COLA) was a modest 3.2%, which many seniors found insufficient to cover the rising costs of essentials like food, healthcare, and utilities. Consequently, nearly 60% of seniors reported financial difficulties, and about 40% considered seeking employment to supplement their income.

The financial struggles among Long Island's seniors have far-reaching consequences, including compromised nutrition, reduced medication adherence, and increased risk of chronic health conditions. Addressing these challenges requires a concerted effort from policymakers, community organizations, and the private sector to ensure that older adults can live with dignity and financial security.