Navigation Links
New report shows seniors' economic security falling
Date:7/19/2011

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
lebovits@brandies.edu
781-736-4027
Brandeis University
Source:Eurekalert

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:
*Name:
*Comment:
*Email:
(Date:5/24/2016)... Ashburn, VA (PRWEB) , ... May 24, 2016 ... ... construction for the Surgery Center at Sentara Northern Virginia Medical Center located in ... consolidation of the hospital’s surgical services into a single site. , The new ...
(Date:5/24/2016)... ... 2016 , ... Regenerative Medicine is being transformed by ongoing research and clinical ... and patient results as have been achieved with Okyanos Cell Therapy are ... care for patients worldwide. , As the Medical Advisory Chairman at Okyanos, Eric Duckers, ...
(Date:5/24/2016)... ... May 24, 2016 , ... Boyd Industries, a leading supplier ... (CDU), a groundbreaking new product for pediatric dentistry , at AAPD 2016, the ... Antonio, TX May 26-29. The Concealed Delivery Unit keeps dental hand pieces and other ...
(Date:5/24/2016)... ... , ... Growing in popularity, more and more people continue to live their ... accessible. Whether someone chooses to cut gluten out of their life for personal health ... stocks their shelves with many different gluten-free products all year round. And they take ...
(Date:5/24/2016)... ... 24, 2016 , ... Tuesday, May 24, Women's Excellence in Wellness, powered by ... Living Essential Oils, taught by Patti Dolan, RYT, a Young Living Gold Member. ... is 6:30pm - 7:15pm followed by a small intro to the Oils that can ...
Breaking Medicine News(10 mins):
(Date:5/24/2016)... 2016   ... primären Endpunkte und demonstriert Ebenbürtigkeit bei der ... ‚ausgezeichneter plus guter , Reinigung ...      (Logo: http://photos.prnewswire.com/prnh/20130829/633895-a ) , ... Daten von der MORA-Studie der Phase III für ...
(Date:5/24/2016)... 24, 2016  Diana Russell suffers from a form ... the inside out.  This disease has put her in ... children and grandchildren to leave her home.  Because of ... cannot haul the wheelchair.  So if there is a ... Diana is left to wait for the bus. ...
(Date:5/24/2016)... May 24, 2016  NxStage Medical, Inc. (Nasdaq: ... on advancing renal care, today announced that Jeffrey ... in the following schedule of investor conferences. Where applicable, ... at http://ir.nxstage.com/ .   ... Conference NY, NY           Friday, June 10, 2016 1:30 ...
Breaking Medicine Technology: