Tags: Older | Americans | Poorer | poverty

Study: Older Americans Are Quickly Getting Poorer

Tuesday, 22 May 2012 08:23 AM

The rate of poverty is rising among older Americans as they age — as is the number of people entering poverty — according to a new study from the Employee Benefit Research Institute.

According to the study, poverty rates fell for almost all age groups over 50 from 2001 to 2005, but have increased since then for every age group, correlating to the two recessions that occurred during the last decade.

Blacks, Hispanics, and single women face a higher poverty rate than other seniors, with poverty rates for women at nearly double those of men for almost all survey years.

Editor's Note: This Wasn’t an Accident — Experts Testify on Financial Meltdown

For example, in 2009, the poverty rates were 7 percent and 13 percent, respectively, for men and women.

In addition, the chance of suffering a health condition (acute or otherwise) rose 45-55 percent for those below the poverty line.

The study also found that, in every survey year, poverty rates for those in the 65–74 age group are lower than in the 50–64 age group, possibly because around that point in their lives, many individuals begin to receive Social Security payments, and also start to receive income from their employer provided pension plans, if they have any.

The poverty rate begins to rise in the 75–84 age group in every year except 2005, and in all years it increases sharply for those 85 or above.

MarketWatch reports that, between 2010 and 2011, the number of children declined by 190,000, while the number of elderly increased by 917,000; just a decade ago we added more children than elderly.

Editor's Note: This Wasn’t an Accident — Experts Testify on Financial Meltdown

© 2021 Newsmax Finance. All rights reserved.

Tuesday, 22 May 2012 08:23 AM
Newsmax Media, Inc.
Newsmax TV Live

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 Media, Inc.
All Rights Reserved