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Posts Tagged ‘poverty’

Seniors Falling Into Poverty

According to an analysis of data from the University of Michigan done by the Employee Benefit Research Institute, poverty rates have increased every year since 2005 for older Americans and are worst among the oldest of the elderly. In 2009, 15 percent of Americans over the age of 85 were living in poverty and 6.0 percent of them fell into poverty after turning 85. The data suggests people are spending their retirement savings too quickly and falling into poverty as they grow older. Sudipto Banerjee, EBRI research associate and author of the report, said, as people age, their personal savings…

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Impoverished Seniors Rate Nearly Doubles

The biggest rise [in poverty] occurred among people aged 65 and older who are being driven into poverty by out-of-pocket medical expenses, including premiums and co-pays from the federal government's Medicare program for the elderly. It’s been fairly clear that medical expenses were becoming an immense financial drain on the elderly. If you are elderly or have an elderly loved one, then this is a given, as supported by recent census data. As reported in Reuters, the number of poor persons hit a record high in 2010, and poverty rates among the elderly have had the steepest gain. In fact,…

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