Navigation Links
New report shows seniors' economic security falling

Outliving one's resources and falling into poverty is an increasingly common experience among today's senior citizens, according to a new report produced jointly by the Heller School's Institute on Assets and Social Policy and the public policy research and advocacy organization Demos.

And, researchers say, the situation could deteriorate further if cuts in Social Security are made.

The report, "From Bad to Worse: Senior Economic Insecurity On the Rise," found that seniors have too few resources and too little time to plan for a fulfilling retirement.

In only four years, the ranks of seniors at risk of outliving their resources increased by nearly 2 million households. Using the Senior Financial Stability Index, economic insecurity among senior households increased by one-third, rising from 27 percent to 36 percent from 2004 to 2008. This steady and dramatic increase was in progress even before the full force of the Great Recession hit.

While effects of the recession hit all demographic groups, the economic security of seniors has deteriorated more than the security of other groups. In addition to the one of every three seniors who is economically insecure, 40 percent of senior households are financially vulnerable - neither secure nor insecure according to the Senior Financial Security Index. Thus, three-quarters of all senior households have little or no buffer against financial ruin should they be faced with an unexpected illness or other traumatic life event.

In the hardest hit senior populations in America - households of color and senior single women - 50 percent fall into this economically insecure category, unsure of how to finance even the most basic necessities.

To stem the growing crisis, the report proposes:

  • strengthening Social Security for vulnerable groups, such as low-income earners and those with sporadic attachment to the labor market due to caregiving and other responsibilities.

  • supporting a strong Community Living Assistance Services and Supports program (CLASS Act) to enable working adults the opportunity to plan for future long-term care needs, such as in-home services, adult day health or institutional care.

"It's simply a crime that in our wealthy and vibrant nation 36 percent of seniors live in a state of uncertainty - unsure of whether they can afford basic necessities," says Tatjana Meschede, research director at the Institute on Assets and Social Policy and co-author of the report.

"Instead of working to fix this crisis, the debate in Washington is dominated by those who argue that the only way to reduce the deficit is by dramatically altering Medicare and Social Security," she said. "These reckless proposals will only worsen current trends and further undermine the economic prospects of future seniors."

Jennifer Wheary, Demos senior fellow, says millions of seniors in America live day to day; this is a multigenerational problem, not a senior problem.

"We cannot end senior economic insecurity without addressing the early sources of this grave issue," says Wheary. "We must take steps to strengthen pension provisions to ensure the stability of employer and employee investments if we want to ensure millions retire with the funds they need and deserve."


Contact: Susan Chaityn Lebovits
Brandeis University

Related medicine news :

1. C-Section Rate in U.S. Climbs to All-Time High: Report
2. Cigarette Tax Unlikely to Deter Some Smokers: Report
3. Millions of Americans Lack Access to Dental Care: Report
4. Health care in the home - new report July 18
5. Fast Food Is King of the Neighborhood, Study Reports
6. Vitamin D lower in NFL football players who suffered muscled injuries, study reports
7. Fewer U.S. Teens Having Babies, Binge Drinking: Report
8. New report explains why physicians are reluctant to share patient data
9. TEMLA shows higher diagnostic yield than EBUS or EUS in largest reported series to date
10. Report finds large state disparities in progress against colorectal cancer
11. Colon Cancer Death Rates Continue to Drop, CDC Reports
Post Your Comments:
(Date:11/25/2015)... , ... November 25, 2015 , ... ... double board certified facial plastic surgeon specializing in both surgical and non-surgical treatments, ... The Skin Spa at Hobgood Facial Plastic Surgery. , Highly trained and ...
(Date:11/25/2015)... ... November 25, 2015 , ... Brillianteen, McGaw YMCA’s ... learning in its 65th Anniversary Brillianteen Revue, scheduled for March 4-6, 2016. Auditions ... 65 years, Brillianteen has been a treasured tradition for numerous families in the ...
(Date:11/25/2015)... PA (PRWEB) , ... November 25, 2015 , ... “While ... said an inventor, from Bronx, N.Y. “I thought there had to be a convenient ... invented the PROTECTOR. , The PROTECTOR enables disabled individuals to safely travel during cold ...
(Date:11/25/2015)... ... November 25, 2015 , ... Castlewood Treatment ... struggling with eating disorders as a result of the $20,000 raised at the ... at Fox Run Golf Club in Eureka, will help individuals who otherwise might ...
(Date:11/25/2015)... ... November 25, 2015 , ... "When I underwent ... bras were incredibly uncomfortable," said an inventor from Bronx, N.Y. "In order to ... the patent-pending RECOVERY BRA for added comfort and support. The bra is easier ...
Breaking Medicine News(10 mins):
(Date:11/26/2015)... 26, 2015 3D bioprinting market ... to a new report by Grand View Research Inc. Rising ... which demands kidney transplantation is expected to boost the market ... for organ transplantation. --> 3D bioprinting market ... to a new report by Grand View Research Inc. Rising ...
(Date:11/26/2015)... DUBLIN , November 26, 2015 ... has announced the addition of the  ... in the Global Cell Surface Testing ... Opportunities" report to their offering.  ... the addition of the  "2016 Future ...
(Date:11/26/2015)... Research and Markets ( ) has announced the ... Type (Dressings, Therapy Devices, Active Wound Care), Application (Surgical ... Geography - Global Forecast to 2020" report to ... --> The purpose of this report is to ... advanced wound care market. It involves deep dive analysis ...
Breaking Medicine Technology: