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<blockquote data-quote="MAKAVELI" data-source="post: 2938600" data-attributes="member: 43825"><p>Please explain it to me.</p><p><a href="https://www.ncoa.org/news/resources-for-reporters/get-the-facts/economic-security-facts/" target="_blank">Elderly Poverty Statistics - Economic Security | NCOA</a></p><p>Over 25 million Americans aged 60+ are economically insecure—living at or below 250% of the federal poverty level (FPL) ($29,425 per year for a single person). These older adults struggle with rising housing and health care bills, inadequate nutrition, lack of access to transportation, diminished savings, and job loss. For older adults who are above the poverty level, one major adverse life event can change today’s realities into tomorrow’s troubles.</p><p></p><p><span style="font-size: 18px"><strong>Poverty Measures</strong></span></p><ul> <li data-xf-list-type="ul">21% of married Social Security recipients and 43% of single recipients aged 65+ depend on Social Security for 90% or more of their income. (Social Security Administration [SSA], 2016)</li> <li data-xf-list-type="ul">More accurate measures of economic well-being—including the <a href="https://www.ncoa.org/economic-security/money-management/elder-index/" target="_blank">Elder Economic Security Standard™ Index</a> and the Institute on Assets and Social Policy’s Senior Financial Stability Index—show millions of older adults struggling to meet their monthly expenses, even though they’re not considered “poor” because they live above the FPL.</li> </ul><p><span style="font-size: 18px"><strong>Income & Employment</strong></span></p><ul> <li data-xf-list-type="ul">The 2.1 million older adults on Supplemental Security Income (SSI) receive, on average, just just $435 each month. (SSA, 2016)</li> <li data-xf-list-type="ul">On average, older women received about $4,500 less annually in Social Security benefits in 2014 than older men due to lower lifetime earnings, time taken off for caregiving, occupational segregation into lower wage work, and other issues. Older women of color fare even worse. (SSA, 2015)</li> <li data-xf-list-type="ul">Nearly half a million older adults aged 55-64, and 168,000 aged 65+ who wanted to work were unemployed 27 weeks or longer in 2014. (Bureau of Labor Statistics [BLS], 2015)</li> <li data-xf-list-type="ul">Older workers of color are most at risk for unemployment, with older African American men twice as likely to be unemployed as older white men. (BLS)</li> </ul><p><span style="font-size: 18px"><strong>Debt & Savings</strong></span></p><ul> <li data-xf-list-type="ul">One-third of senior households has no money left over each month or is in <a href="https://www.ncoa.org/economic-security/money-management/debt/" target="_blank">debt</a>after meeting essential expenses. (Institute on Assets and Social Policy)</li> <li data-xf-list-type="ul">In 2013, 61.3% of households headed by an adult aged 60+ had some form of debt. Among senior households with debt, the median total debt was $40,900. (Federal Reserve Board)</li> </ul><p><strong><span style="font-size: 18px">Health & Nutrition</span></strong></p><ul> <li data-xf-list-type="ul">In 2015, 2.9 million households with a senior aged 65+ experienced <a href="https://www.ncoa.org/economic-security/benefits/food-and-nutrition/senior-hunger-snap/" target="_blank">food insecurity</a>. (USDA Economic Research Service)</li> <li data-xf-list-type="ul">3 out of 5 older adults (age 60+) who are eligible for the <a href="https://www.ncoa.org/news/resources-for-reporters/get-the-facts/senior-hunger-facts/" target="_blank">Supplemental Nutrition Assistance Program</a> (formerly Food Stamps) are not enrolled. (USDA Food and Nutrition Service)</li> </ul><p><span style="font-size: 18px"><strong>Housing</strong></span></p><ul> <li data-xf-list-type="ul">In 2013, 33.8% of senior households owed money on a mortgage, home equity line of credit, or both. (Survey of Consumer Finances)</li> <li data-xf-list-type="ul">Approximately 3.5 million older homeowners are underwater on their loans and have no home equity. (Trawinski & AARP, 2012)</li> </ul></blockquote><p></p>
[QUOTE="MAKAVELI, post: 2938600, member: 43825"] Please explain it to me. [URL='https://www.ncoa.org/news/resources-for-reporters/get-the-facts/economic-security-facts/']Elderly Poverty Statistics - Economic Security | NCOA[/URL] Over 25 million Americans aged 60+ are economically insecure—living at or below 250% of the federal poverty level (FPL) ($29,425 per year for a single person). These older adults struggle with rising housing and health care bills, inadequate nutrition, lack of access to transportation, diminished savings, and job loss. For older adults who are above the poverty level, one major adverse life event can change today’s realities into tomorrow’s troubles. [SIZE=5][B]Poverty Measures[/B][/SIZE] [LIST] [*]21% of married Social Security recipients and 43% of single recipients aged 65+ depend on Social Security for 90% or more of their income. (Social Security Administration [SSA], 2016) [*]More accurate measures of economic well-being—including the [URL='https://www.ncoa.org/economic-security/money-management/elder-index/']Elder Economic Security Standard™ Index[/URL] and the Institute on Assets and Social Policy’s Senior Financial Stability Index—show millions of older adults struggling to meet their monthly expenses, even though they’re not considered “poor” because they live above the FPL. [/LIST] [SIZE=5][B]Income & Employment[/B][/SIZE] [LIST] [*]The 2.1 million older adults on Supplemental Security Income (SSI) receive, on average, just just $435 each month. (SSA, 2016) [*]On average, older women received about $4,500 less annually in Social Security benefits in 2014 than older men due to lower lifetime earnings, time taken off for caregiving, occupational segregation into lower wage work, and other issues. Older women of color fare even worse. (SSA, 2015) [*]Nearly half a million older adults aged 55-64, and 168,000 aged 65+ who wanted to work were unemployed 27 weeks or longer in 2014. (Bureau of Labor Statistics [BLS], 2015) [*]Older workers of color are most at risk for unemployment, with older African American men twice as likely to be unemployed as older white men. (BLS) [/LIST] [SIZE=5][B]Debt & Savings[/B][/SIZE] [LIST] [*]One-third of senior households has no money left over each month or is in [URL='https://www.ncoa.org/economic-security/money-management/debt/']debt[/URL]after meeting essential expenses. (Institute on Assets and Social Policy) [*]In 2013, 61.3% of households headed by an adult aged 60+ had some form of debt. Among senior households with debt, the median total debt was $40,900. (Federal Reserve Board) [/LIST] [B][SIZE=5]Health & Nutrition[/SIZE][/B] [LIST] [*]In 2015, 2.9 million households with a senior aged 65+ experienced [URL='https://www.ncoa.org/economic-security/benefits/food-and-nutrition/senior-hunger-snap/']food insecurity[/URL]. (USDA Economic Research Service) [*]3 out of 5 older adults (age 60+) who are eligible for the [URL='https://www.ncoa.org/news/resources-for-reporters/get-the-facts/senior-hunger-facts/']Supplemental Nutrition Assistance Program[/URL] (formerly Food Stamps) are not enrolled. (USDA Food and Nutrition Service) [/LIST] [SIZE=5][B]Housing[/B][/SIZE] [LIST] [*]In 2013, 33.8% of senior households owed money on a mortgage, home equity line of credit, or both. (Survey of Consumer Finances) [*]Approximately 3.5 million older homeowners are underwater on their loans and have no home equity. (Trawinski & AARP, 2012) [/LIST] [/QUOTE]
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