Thursday, May 24, 2012

Older Americans Going Broke as Medical Costs Rise

According to the WSJ, citing analysis by the EBRI, older Americans are running of of money and the poverty rate is rising.

The main reason: Older adults are using up their nest eggs as medical expenses rise, says Sudipto Banerjee, the report’s author.

Almost 15% of Americans who were older than 85 were living in poverty in 2009, and 6% of those in the age group were newly impoverished, the analysis found.

One in 10 Americans who were at least 65 were also living in poverty.

For single women, almost 21% over the age of 65 are living in poverty as of 2009.

The Health and Retirement Study, sponsored by the National Institute of Aging, is considered the most comprehensive national survey of older Americans.