NW Boomer and Senior News Portland Metro Edition March 2015

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DRIVING DOWN

PORTLAND-METRO & VANCOUVER EDITION MARCH 2015 • FREE!

THE AGING MIDDLE CLASS “I’m the queen of free,” says Charlene Levesque, who takes advantage of the many no cost or low-cost cultural events at Portland State University. She lives downtown to help cut costs on living expenses. Photo by NWBSN staff

Escalating costs, failure to save signal tough times ahead

By MAGGI WHITE BOOMER & SENIOR NEWS

For many boomers and seniors, the idea of middle-class security may be a relic of the past. What remains are dwindling pensions and retirement packages, with half of all older adults dying without any financial assets. Escalating costs in housing, health care, food and other necessities are creating a new poor — the middle

class. It’s harder to spot this group because they aren’t living on the streets or in subsidized housing. In fact, there are programs designed to help the absolutely destitute. However, relatively few programs have addressed the diminishing resources of the aging middle-class. Meanwhile, life happens. Joyce McMonnin, director of outreach for AARP-Oregon, is among those individuals who never gave retirement a

thought until, in her 40s, she was encouraged to have a savings plan. To begin a savings plan, she gave up her gourmet coffee, dining out and other pleasures. Now 62, she worries whether she can afford to retire in three years. She feels lucky to work for an organization that has so many resources for its employees to be educated about saving for retirement. But it’s not everything. “At AARP, they talk about retirement

SOMETHING NEW ... You can now read ALL 4 EDITIONS of NW Boomer & Senior News online each month beginning this March... at NWBoomerandSeniorNews.com

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