Economic Security
Valuing the dignity of older people through efforts that ensure and protect their economic security and well-being
RRF Foundation for Aging has always recognized that economic security is essential to the wellbeing of older people. The Foundation maintains its steadfast commitment to ensuring and protecting the economic security of older adults so that they will have sufficient income to meet their basic needs and age with security and dignity.
During the past few years, RRF’s investment in economic security focused on moving large numbers of older people closer to economic stability by lifting barriers to obtaining various benefits and entitlements, gaining protection against the consequences of medical debt, and relieving student loan debt. Unfortunately, the landscape has shifted dramatically; much of the earlier progress is being threatened, and achieving economic security in later life is becoming even more elusive. In 2024, for the first time in recent history, while other demographics saw poverty rates fall or remain flat, poverty rates increased for older adults. RRF is especially interested in addressing high poverty rates for older people of color, due to a lifetime of disparities and limited opportunities.
RRF is committed to engaging in and supporting effective approaches to defend against threats to the financial security of older people, while also seeking innovative solutions to achieve economic wellbeing by investing in three key strategies: Preventing and Mitigating Debt; Securing the Safety Net; and Shoring up the Social Insurance System. Click below to read more.
As the cost of basic needs increases and access to benefits decreases, it is likely that a larger portion of older people will fall into debt, experience it at higher levels, and become susceptible to predatory relief practices. RRF will support strategies that address unfair debt collection practices and policies, build awareness of and shift the narrative to reduce the stigma of debt, and develop new models of debt relief.
As cuts to critical safety net programs that millions of older people depend on are implemented, especially Medicaid, and access is impeded, RRF will support approaches that inform stakeholders of the consequences, provide advocates with essential tools, hold policymakers accountable, and center the voices of older people so that decisions are grounded in facts. RRF will also seek innovative approaches to expand equitable access, increase the uptake of public benefits and ease administrative burdens.
Both Social Security and Medicare, the two most important Social Insurance programs for millions of older people, face unique threats to their operations, underlying structures, and solvency. RRF will support approaches to solving short-term problems such as customer service and access, accuracy of information, and reducing confusion and complexity. The Foundation will also seek opportunities to support collaborative, bipartisan, feasible approaches to stabilizing these systems for the future.
In this priority area, RRF is most interested in the grantmaking approaches of Advocacy, Knowledge Sharing & Awareness Raising, and Research. Click below to learn more.
- Advocating for timely, feasible policies and regulations that will drive positive change, or at least mitigate harm, for large numbers of older adults. The focus may be at the federal level, or at the state level if the project has potential to produce models for broader replication.
- Elevating the voices and experiences of older people, especially those most impacted by policy decisions, to engage and tell their stories effectively through community organizing and power building.
- Building strategic cross-sector collaborations with stakeholders representing varied positions, including advocates, researchers, policymakers, industry, the media, and older adults themselves.
- Disseminating and scaling innovative models of effective policies and practices to increase impact.
- Building awareness to inform and engage diverse stakeholders and drive momentum toward solutions.
- Engaging in advocacy-driven, actionable research in which researchers work together with advocates to: identify the data needed to support successful advocacy; demonstrate how the data will be used; and provide the data in formats that will be most useful for action.
Issue Updates and Reports
Issue Update – Student Debt Threatens Economic Security of Older Borrowers
September 2024: A surprising 3.5 million people, age 60 or older, hold more than $125 billion in student debt. The number of older people saddled with these loans has skyrocketed in less than two decades. One-third of older borrowers wind up in default and suffer significant consequences, as described in RRF’s Issue Update (as part of our Call to Action to curb rising debt for older adults).
Call to Action – Curbing Rising Debt for Older Adults
In September 2022, RRF announced a call to action focused on addressing the debt’s role in older adults’ economic security. The Foundation continues to seek opportunities to build awareness of debt as a growing problem and to find partner organizations that can offer innovative solutions to prevent and mitigate debt. Learn more about this issue by watching our 2024 Update on Curbing Debt for Older Adults or reading our 2022 Call to Action.
Things to Know
Learn about general grant exclusions, search our FAQs, watch an instructional video on our application process, read evaluation guidelines and learn how to develop SMART objectives.
September 2024: Read our Latest Issue Update on Student Loan Debt
Read our Issue Brief on Economic Security
Read our Call to Action on Older Adult Debt
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