There’s nothing more that most people want than to be rich, or at least be at a place in their lives where they don’t have to worry about their finances. A large majority of Americans are living in a state of constant worry and stress over money, especially in light of the current economic climate.
A report from the National Council on Aging (NCOA) and LeadingAge LTSS Center @ UMass Boston revealed a sobering reality about wealth though. Researchers found that for people who are struggling financially, it can actually have an impact on your mortality.
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According to the study, older adults without sufficient savings, on average, have lifespans approximately nine years shorter than those considered wealthy. The wealth gap among Americans over 60 is sadly widening and that gap highlights the impacts on Read in lower income brackets.
“It is shocking and unacceptable that in the United States in 2025, poverty steals almost a decade of older Americans’ lives,” explained Ramsey Alwin, NCOA President and CEO. “Millions of older Americans who worked hard and played by the rules are dying early simply because they don’t have sufficient financial resources. This is a call to action to change our policies and systems to ensure that every person can enjoy the gift of longevity — not just the wealthy.”
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Wealth is a privilege that means not having to choose between necessities like food and housing over healthcare. For those struggling, and especially the retired population on a fixed income, many times doctor visits and medication take a backseat to more pressing needs. Everything from healthy foods and vitamins to life giving medication become luxuries only afforded to the rich.
Mortality rates among older adults in the bottom 60% of wealth were nearly double those of older adults in the top 20%, the report found. Actually, those in the bottom 20% of wealth died on average nine years earlier than those in the top 20%.
This comes during a time when a majority of Americans are incredibly financially insecure. Over 19 million (45%) older adult households do not have the income needed to cover basic living costs based on cost-of-living data from the Elder Index. And 80%, or about 34 million households, are unable to experience a major life change such as widowhood, serious illness, or the need for long-term care.
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In a study from Northwestern Mutual, a financial services firm, only one-third of American millionaires — or those with at least $1 million in investible assets — consider themselves “wealthy.” But while two-thirds of millionaires might not feel rich, their assets give them an advantage over the general population, according to the survey.
Eighty-seven percent of these high-net-worth individuals say they expect to be financially prepared for their golden years. Only 54% of the general public feel the same way.
For many wealthy people, they desire more despite being in a position that many other Americans just can’t seem to afford to be in. It truly feels disheartening that a great percentage of the people in this country are pretty much working themselves to the bone just to survive, while people who have already “made it” are still complaining about it not being enough.
It says more about what we define as “success.” Being rich for individuals living paycheck to paycheck isn’t really about anything more than having enough to be comfortable, healthy, and not let money dictate how they’re living their lives.
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Nia Tipton is a staff writer with a bachelor’s degree in creative writing and journalism who covers news and lifestyle topics that focus on psychology, relationships, and the human experience.
