Troubling Statistics on Seniors Living in Poverty

Troubling Statistics on Seniors Living in Poverty

Troubling Statistics on Seniors Living in Poverty

A new federal government analysis reports that 16 percent, that is one out of six, elderly Americans are living below the poverty line set by the government. That figure is double that of the estimate that is standard when referring to seniors living in poverty in the richest country in the world. The proportion of the senior demographic group living under the poverty line is higher than that of all Americans who live in poverty.

Poor women are particularly at risk.  34 percent of African American women and 43 percent of women of Hispanic ethnicity who live by themselves do so in poverty.

These statistics come from the Supplemental Poverty Measure Research, a research tool from the United States Census Bureau that looks at costs that are not considered in some surveys, such as taxes and medical expenses.

These additional expenses can cause undue economic and financial stress on seniors who rely on a fixed income.

This year the first of the baby Boomer generation will be turning 65 years of age. That means that ever increasing levels of the American population will be retired and no longer earning an income. Given that house values, investments and savings have all been hard hit by the financial crisis and ensuing economic recession it may mean that an ever increasing number of seniors may have financial problems and face living in poverty.

The National Council on Aging has started a program that is designed to give a holistic, one to one approach for providing economic problem solving to older adults.

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