Sat Mar 31, 2012, 10:41 AM
kpete (41,121 posts)
MAR 29, 2012 AT 10:00 AM PDT
More than half of elders, and 60% of older women, face economic insecurity
by Laura Clawson
More than half of people age 65 and older face the prospect of not having enough money to meet basic daily expenses while staying in their homes and communities, a new analysis (PDF) from Wider Opportunities for Women finds. We're talking basic necessities here—renting a one-bedroom apartment or having a modest mortgage, basic food, health care, and transportation, and just $265 in miscellaneous monthly expenses for a single person.
Within the 52 percent of all elders struggling to get by, though, there's a big gender gap—60 percent of women compared with 41 percent of men are economically insecure. The fact that women live longer and have more years to spend down their savings doesn't help. But that's not all. In retirement, as during their working years, women have lower incomes than men: "Elder men studied report typical annual incomes that are nearly 75% higher than the typical elder woman’s income ($24,300 compared to $14,000)." Women are more likely to be dependent on Social Security, and receive smaller Social Security payments than men. And, as in so many other things, women of color face greater struggles than white women: "Elder African-American women report median annual incomes of $12,000; both Asian and Hispanic women report median annual incomes that are less than one-half of the general male population's median incomes at $10,100 and $9,600, respectively.
These numbers underscore the incredible importance of Social Security, which provides, on average, 77 percent of older women's income. They also raise a terrifying prospect: Pensions are becoming less common, but here we see how crucial they've been in keeping some seniors out of economic insecurity. What happens to a generation that's forced to rely on Social Security, or whatever's left of that after the various catfood commissions are done weakening it, and whatever savings people can cobble together despite stagnating wages and stock market crashes?
action is my duty, reward is not my concern
3 replies, 1437 views
Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
SCREWED (Original post)
Response to kpete (Original post)
Sat Mar 31, 2012, 12:14 PM
Viva_La_Revolution (27,169 posts)
1. In 1940 single person households were 2%. 2010 it was 22%
kids in their 20's and the elderly no longer live with family.
I know this is a little OT.. and in no way do I mean to detract from the horror of those numbers. It just popped into my brain when I read your post.
I've been transcribing a lot of Census data, and it's fascinating watching the demographics of families change as economies go up and down, and as new waves of people come in with different styles of living. With the 1940 census getting released in a few days, we're going to be drowning in new info about families near the end of the Depression.
I'm all giggly inside
The Internet is an experimental vaccine against stupidity. Like all vaccines, it works by exposing the immune system to the pathogen.
Response to kpete (Original post)
Sat Mar 31, 2012, 01:41 PM
KT2000 (10,193 posts)
2. women live longer and
many of them see their husband's through their final illnesses - wiping out the savings they had. They are left with whatever retirement and often only social security.