Forum for Science, Industry and Business

Sponsored by:     3M 
Search our Site:


Living longer on less: The new economic (in)security of seniors in Massachusetts

Almost 7 in 10 senior households lack sufficient resources for long-term economic security

A new report, LIVING LONGER ON LESS IN MASSACHUSETTS: The New Economic (In)Security of Seniors, issued today by the Institute on Assets and Social Policy (IASP) at Brandeis University finds that Massachusetts seniors face widespread financial insecurity.

Almost 7 in 10 senior households in Massachusetts lack sufficient resources for long-term economic security, according to the study. Economic risk is especially pronounced for single senior households—with 82 percent among them facing financial insecurity.

These findings are a result of analysis utilizing the new Massachusetts Senior Financial Stability Index (MSFSI) and paint a daunting picture for state's aging population. The combination of inadequate pensions and savings, high housing costs, and accelerating health expenses, and other trends that affect seniors, will likely get worse unless policies are enacted to address them.

"The current economic crisis will compound economic vulnerabilities that have been building for years in current and future senior households unless policies are developed to reverse these trends," said Tatjana Meschede, lead author of the report released today.

Particular vulnerabilities identified in the report include:

- 42 percent of the state's senior households do not have adequate financial resources from savings, Social Security, or pension income to cover essential expenses across their expected life spans.

- 35 percent of senior households have no financial resources left each month after paying for essential expenses and therefore cannot cover extras or unanticipated expenses.

- 52 percent of senior households face significant housing expenses, forcing older Bay State residents to cut back on other necessities in their budgets.

"With a higher percentage of seniors than the nation overall, Massachusetts should be a leader among states in preparing for the aging of the population. The state has many assets to build on, but policymakers must develop policies to address the high cost of living in the state," urged Thomas Shapiro, co-author of the report and Director of the Institute on Assets and Social Policy.

These ominous trends for older adults have been accelerated by the current economic crisis, increasing the urgency to stabilize and enhance retirement resources. "Future retirees will be worse off unless we attend to policies that grow their resources for the future, and combat the rising costs of essential expenses for seniors," said Meschede.

Laura Gardner | EurekAlert!
Further information:

More articles from Studies and Analyses:

nachricht Diagnoses: When Are Several Opinions Better Than One?
19.07.2016 | Max-Planck-Institut für Bildungsforschung

nachricht High in calories and low in nutrients when adolescents share pictures of food online
07.04.2016 | University of Gothenburg

All articles from Studies and Analyses >>>

The most recent press releases about innovation >>>

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

Im Focus: New 3-D wiring technique brings scalable quantum computers closer to reality

Researchers from the Institute for Quantum Computing (IQC) at the University of Waterloo led the development of a new extensible wiring technique capable of controlling superconducting quantum bits, representing a significant step towards to the realization of a scalable quantum computer.

"The quantum socket is a wiring method that uses three-dimensional wires based on spring-loaded pins to address individual qubits," said Jeremy Béjanin, a PhD...

Im Focus: Scientists develop a semiconductor nanocomposite material that moves in response to light

In a paper in Scientific Reports, a research team at Worcester Polytechnic Institute describes a novel light-activated phenomenon that could become the basis for applications as diverse as microscopic robotic grippers and more efficient solar cells.

A research team at Worcester Polytechnic Institute (WPI) has developed a revolutionary, light-activated semiconductor nanocomposite material that can be used...

Im Focus: Diamonds aren't forever: Sandia, Harvard team create first quantum computer bridge

By forcefully embedding two silicon atoms in a diamond matrix, Sandia researchers have demonstrated for the first time on a single chip all the components needed to create a quantum bridge to link quantum computers together.

"People have already built small quantum computers," says Sandia researcher Ryan Camacho. "Maybe the first useful one won't be a single giant quantum computer...

Im Focus: New Products - Highlights of COMPAMED 2016

COMPAMED has become the leading international marketplace for suppliers of medical manufacturing. The trade fair, which takes place every November and is co-located to MEDICA in Dusseldorf, has been steadily growing over the past years and shows that medical technology remains a rapidly growing market.

In 2016, the joint pavilion by the IVAM Microtechnology Network, the Product Market “High-tech for Medical Devices”, will be located in Hall 8a again and will...

Im Focus: Ultra-thin ferroelectric material for next-generation electronics

'Ferroelectric' materials can switch between different states of electrical polarization in response to an external electric field. This flexibility means they show promise for many applications, for example in electronic devices and computer memory. Current ferroelectric materials are highly valued for their thermal and chemical stability and rapid electro-mechanical responses, but creating a material that is scalable down to the tiny sizes needed for technologies like silicon-based semiconductors (Si-based CMOS) has proven challenging.

Now, Hiroshi Funakubo and co-workers at the Tokyo Institute of Technology, in collaboration with researchers across Japan, have conducted experiments to...

All Focus news of the innovation-report >>>



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

Latest News

Resolving the mystery of preeclampsia

21.10.2016 | Health and Medicine

Stanford researchers create new special-purpose computer that may someday save us billions

21.10.2016 | Information Technology

From ancient fossils to future cars

21.10.2016 | Materials Sciences

More VideoLinks >>>