Seniors were comparatively unharmed by the fall 2008 recession.
The US Census Bureau reports that the poverty rate rose sharply last year to 14.3 percent, the highest since 1994. Forty-four million Americans were below the official poverty line, and one out of every five children were considered poor.
However, seniors were comparatively unharmed by the fall 2008 recession. The poverty rate for Americans over 65 fell from 9.7 percent to 8.9 percent. Additionally, while income was flat or down for every other age group, seniors’ income rose 5.8 percent.
Social Security played a major role raising millions of seniors out of poverty, but the big gains last year are due to a series of one-time events that won’t be repeated. In fact, the long-term economic prospects for older Americans are no better than those facing younger age groups.
As the above states navigating the senior maze is very complicated. Consequently, Senior Life Care Planning is here to help you and your loved ones. A Life Care Plan is a road map that allows you to achieve your long-term care and asset protection goals. And, if changes occur along the way, our services are available to you to help you shift to another road if it becomes necessary. See our Website
You do not have to totally impoverished to become eligible for Medicaid, as discussed in our previous Blogs, such as Medicaid Myths of Gifting.
Also, in a previous our Blogs, the VA has funds, VA Funds – Pension and Aid & Attendance, , for Veterans to pay for home care and assisted living care,
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