Forum für Wissenschaft, Industrie und Wirtschaft

Hauptsponsoren:     3M 


New report shows seniors' economic security falling

About 75 percent of senior households have little or no buffer against trauma

Outliving one's resources and falling into poverty is an increasingly common experience among today's senior citizens, according to a new report produced jointly by the Heller School's Institute on Assets and Social Policy and the public policy research and advocacy organization Demos.

And, researchers say, the situation could deteriorate further if cuts in Social Security are made.

The report, "From Bad to Worse: Senior Economic Insecurity On the Rise," found that seniors have too few resources and too little time to plan for a fulfilling retirement.

In only four years, the ranks of seniors at risk of outliving their resources increased by nearly 2 million households. Using the Senior Financial Stability Index, economic insecurity among senior households increased by one-third, rising from 27 percent to 36 percent from 2004 to 2008. This steady and dramatic increase was in progress even before the full force of the Great Recession hit.

While effects of the recession hit all demographic groups, the economic security of seniors has deteriorated more than the security of other groups. In addition to the one of every three seniors who is economically insecure, 40 percent of senior households are financially vulnerable - neither secure nor insecure according to the Senior Financial Security Index. Thus, three-quarters of all senior households have little or no buffer against financial ruin should they be faced with an unexpected illness or other traumatic life event.

In the hardest hit senior populations in America - households of color and senior single women - 50 percent fall into this economically insecure category, unsure of how to finance even the most basic necessities.

To stem the growing crisis, the report proposes:

strengthening Social Security for vulnerable groups, such as low-income earners and those with sporadic attachment to the labor market due to caregiving and other responsibilities

supporting a strong Community Living Assistance Services and Supports program (CLASS Act) to enable working adults the opportunity to plan for future long-term care needs, such as in-home services, adult day health or institutional care.

"It's simply a crime that in our wealthy and vibrant nation 36 percent of seniors live in a state of uncertainty - unsure of whether they can afford basic necessities," says Tatjana Meschede, research director at the Institute on Assets and Social Policy and co-author of the report.

"Instead of working to fix this crisis, the debate in Washington is dominated by those who argue that the only way to reduce the deficit is by dramatically altering Medicare and Social Security," she said. "These reckless proposals will only worsen current trends and further undermine the economic prospects of future seniors."

Jennifer Wheary, Demos senior fellow, says millions of seniors in America live day to day; this is a multigenerational problem, not a senior problem.

"We cannot end senior economic insecurity without addressing the early sources of this grave issue," says Wheary. "We must take steps to strengthen pension provisions to ensure the stability of employer and employee investments if we want to ensure millions retire with the funds they need and deserve."

For more information visit or download the report
"From Bad to Worse" is the newest analysis in the IASP-Demos series entitled "Living Longer on Less."

Susan Chaityn Lebovits | EurekAlert!
Further information:

More articles from Social Sciences:

nachricht New population data provide insight on aging, migration
31.08.2016 | International Institute for Applied Systems Analysis (IIASA)

nachricht PRB projects world population rising 33 percent by 2050 to nearly 10 billion
25.08.2016 | Population Reference Bureau

All articles from Social Sciences >>>

The most recent press releases about innovation >>>

Die letzten 5 Focus-News des innovations-reports im Überblick:

Im Focus: Mikrostrukturen mit dem Laser ätzen

Mit dem Ultrakurzpulslaser lassen sich nicht nur feine Strukturen schneiden, in einem Verbundprojekt haben Wissenschaftler untersucht, wie man damit auch Mikrostrukturen in Dünnglas erzeugen kann. Anwendungen gibt es im Analytikbereich (lab-on-a-chip), aber auch in der Elektronikbranche und im Consumer-Bereich gibt es großes Interesse.

Am Anfang dieser neuen Methode stand ein überraschender Effekt: Wenn Glas mit dem Ultrakurzpulslaser in der richtigen Weise bestrahlt wird, wird es so...

Im Focus: Etching Microstructures with Lasers

Ultrafast lasers have introduced new possibilities in engraving ultrafine structures, and scientists are now also investigating how to use them to etch microstructures into thin glass. There are possible applications in analytics (lab on a chip) and especially in electronics and the consumer sector, where great interest has been shown.

This new method was born of a surprising phenomenon: irradiating glass in a particular way with an ultrafast laser has the effect of making the glass up to a...

Im Focus: Tarnkappe aus Nanostrukturen

Linsen, Objektive, Brillengläser oder auch Laser sind in der Regel mit einer Antireflexschicht versehen. Solche Schichten haben oft den Nachteil, dass sie nur innerhalb enger Wellenlängenbereiche optimal wirksam sind. Forscher des Max-Planck-Instituts für Intelligente Systeme in Stuttgart stellen nun eine alternative Technologie vor. Anstatt eine Beschichtung aufzubringen, bearbeiten sie die Oberfläche selbst. Im Vergleich zu herkömmlichen Verfahren können sie so den gewünschten Effekt über einen größeren Wellenlängenbereich erzielen, und das bei besonders großer Lichtdurchlässigkeit.

Der Nachtfalter macht es vor. Seine Augenoberflächen sind so beschaffen, dass sie einfallendes Licht praktisch nicht reflektieren. Keine Lichtreflexe – das...

Im Focus: Lichtinduzierte Rotationen von Atomen rufen Magnetwellen hervor

Terahertz-Anregung ausgewählter Kristallschwingungen führt zu einem effektiven Magnetfeld, das kohärente Spindynamik antreibt

Die Kontrolle funktionaler Eigenschaften durch Licht ist eines der großen Ziele moderner Festkörperphysik und der Materialwissenschaften. Eine neue Studie...

Im Focus: Light-driven atomic rotations excite magnetic waves

Terahertz excitation of selected crystal vibrations leads to an effective magnetic field that drives coherent spin motion

Controlling functional properties by light is one of the grand goals in modern condensed matter physics and materials science. A new study now demonstrates how...

Alle Focus-News des Innovations-reports >>>



im innovations-report
in Kooperation mit academics
Event News

#IC2S2: When Social Science meets Computer Science - GESIS will host the IC2S2 conference 2017

14.10.2016 | Event News

Agricultural Trade Developments and Potentials in Central Asia and the South Caucasus

14.10.2016 | Event News

World Health Summit – Day Three: A Call to Action

12.10.2016 | Event News

Weitere VideoLinks >>>
Latest News

Greater Range and Longer Lifetime

26.10.2016 | Power and Electrical Engineering

VDI presents International Bionic Award of the Schauenburg Foundation

26.10.2016 | Awards Funding

3-D-printed magnets

26.10.2016 | Power and Electrical Engineering