Americans Near Retirement Hardest Hit By Economy’s Downturn

Friday, 24 Aug 2012 09:08 AM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Americans on the cusp of retirement are being hardest hit by the slumping economy and have seen their household income drop 10 percent since 2009 along with the decline in the value of their homes, the New York Times reported.

Household incomes have dropped across almost every demographic, and on average the median household incomes for Americans are 4.8 percent lower than they were three years ago, the Times reported, citing new report from Sentier Research, a data analysis company that specializes in demographic and income data.

But for people between the ages of 55 and 64 it’s even worse, the Times reported. They have been affected disproportionately and their household incomes have fallen to $55,748 from $61,716 over the last three years, a decline of 9.7 percent.

“I was laid off in ’08, and I never really managed to get back into the job market,” Jan Thomas, 62, who lives in Sarasota, Fla., told the Times. “I’ve pretty much gone through my savings at this point. You know, taking money out of one account, then the other. Then it all just kind of went poof.”
Since the recession began in 2007, median household incomes have fallen 7.2 percent.


© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Judge Rejects Ebola Quarantine for Nurse

Friday, 31 Oct 2014 13:21 PM

Kaci Hickox is free to travel unrestricted after a Maine judge on Friday rejected the state's bid to limit her movements . . .

Rep. Lamar Smith: Obamacare Fun Used to Promote Amnesty

Friday, 31 Oct 2014 13:15 PM

A new public health fund created under Obamacare has turned into a political slush fund, financing projects that have  . . .

Runoff, Court Battle May Loom in Ga. Senate Race

Friday, 31 Oct 2014 12:17 PM

With recent polls showing Democrat Michelle Nunn and Republican David Perdue in a virtual dead heat and neither likely t . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved