Trostel’s report cited in Press Herald article on finances of seniors
A 2017 University of Maine report by economist Philip Trostel was mentioned in the Portland Press Herald article, “Many Mainers enter golden years financially insecure.” About 40 percent of all Maine seniors who live independently are financially insecure, according to a national index. They cannot afford basic expenses such as food, housing, transportation and health care without relying on benefit programs, loans or gifts, the article states. The cost of public assistance to Maine’s retired population — from food stamps to long-term care — is expected to increase from $35 million this year to $273 million in 2032, according to the study by Trostel, a professor of economics and public policy. Nationwide, the cost is expected to increase from $7.6 billion to $65 billion in the same period. Sun Journal published the Press Herald article. The study also was cited in the Press Herald editorial, “Crisis coming on elder care finance.”