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Many elderly in US will face poverty: study

By Reuters
Monday, December 13, 2010 14:53 EST
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Nearly half of elderly Americans will face a future with at least one year below or close to the poverty line, according to a new study that showed a huge racial divide in prospects for the elderly.

Mark R. Rank, a professor at Washington University in St. Louis, said the results of his research contradict popular beliefs about the economic stability of America’s elderly population.

“We have an image of the elderly as doing pretty well,” he said, adding that data spanning 35 years does not support that assumption.

Elderly black Americans are almost twice as likely as whites to sink to the poverty level, according to the study. It estimates 64.6 percent of black Americans and 32.7 whites will face poverty.

“There are historical differences between whites and African-Americans. In all age groups, African-Americans are more likely at lower paying jobs and have much less assets,” Rank explained.

As with income poverty, the study which was published in “Families in Society: The Journal of Contemporary Social Services,” showed a sharp racial divide in poverty.

While 58 percent of those between 60 and 84 will at some point fail to have enough liquid assets to allow them to get through unanticipated expenses or declining income, African-Americans were found to be 2.4 times more likely to experience asset poverty.

The study also highlights the role of education in the financial future of the elderly, Rank said.

Nearly 50 percent of people with less than 12 years of education are likely to experience poverty, compared to 20.5 percent with more than 12 years.

Rank believes that legislators should consider policies to encourage senior citizens to save more for retirement and to live together to share resources, as well as other measures to strengthen income safety nets.

“Given the current demographic and economic trends in America, this threat (of poverty) is quite likely to remain in the years ahead.”

(Reporting by Bernd Debusmann Jr., editing by Patricia Reaney)

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  • Anonymous

    And yet, the AARP has endorsed the Obama tax-cut plan that begins defunding social security next year!

  • Anonymous

    And yet, the AARP has endorsed the Obama tax-cut plan that begins defunding social security next year!

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  • SCLiberal

    The AARP showed who they really represented when they backed the health care plan that barred the government from negotiating for lower pharmaceutical prices. They also supported banning the reimportation of drugs from Canada.
    Screw the AARP.

  • SCLiberal

    The AARP showed who they really represented when they backed the health care plan that barred the government from negotiating for lower pharmaceutical prices. They also supported banning the reimportation of drugs from Canada.
    Screw the AARP.

  • http://deaconjohnspace.wordpress.com/2010/12/13/many-elderly-in-us-will-face-poverty-study-raw-story/ Many elderly in US will face poverty: study | Raw Story « Deacon John's Space

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  • Anonymous

    And this is the generation that lived through the wealthiest part of US history. Just wait 50 years.

  • Anonymous

    And this is the generation that lived through the wealthiest part of US history. Just wait 50 years.

  • panamarick

    Hey Mom! Remember that “great depression you grew up in? …It’s baaaaaaaack! Welcome to part…?

  • RichWa

    Well, I guess the question to be answered is it more important that all our parents and grandparents and ourselves be able to both eat and afford a roof over their head (forget about affording their medicines) or the top 1% be able to afford to have someone chew their steak for them?

  • Anonymous

    OOps. Remind me to shoot myself before I get to old… BLAM

  • Anonymous

    That’s a rub eh?

  • Anonymous

    Pay close attention, kids. Remember, put your money in a retirement fund so we cant take it away from you in 50 years.

  • Anonymous

    Where is this retirement fund being invested?
    So wall street can take it, no matter what.

  • Anonymous

    I’m 64 and vote for the most progressive people I can find. A lot of the old people and AARP members vote for conservatives mainly because of social issues not for their own economic interests.

  • Anonymous

    Here let me fix that for you:

    Make sure you put your money in a privately funded retirement account so that we are easily able to take it all away from you.

    After all they are in business to maximize THEIR profits, not YOURS and what better way for them to maximize THEIR profits than to simply TAKE yours?!?

    Remember when the stock market goes down, they are just stealing your money from you.

  • Anonymous

    Here let me fix that for you:

    Make sure you put your money in a privately funded retirement account so that we are easily able to take it all away from you.

    After all they are in business to maximize THEIR profits, not YOURS and what better way for them to maximize THEIR profits than to simply TAKE yours?!?

    Remember when the stock market goes down, they are just stealing your money from you.

  • Anonymous

    TAX THE RICH.

  • Anonymous

    Like so many once good things, AARP too, is corrupt.

    It’s called Enterprise Corruption.

    They have infested the world.

    TAX THE RICH.