Forum for Science, Industry and Business

Sponsored by:     3M 
Search our Site:

 

New report shows seniors' economic security falling

20.07.2011
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 iasp.brandeis.edu 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:
http://www.brandies.edu

More articles from Social Sciences:

nachricht Geographers provide new insight into commuter megaregions of the US
01.12.2016 | Dartmouth College

nachricht Sustainable Development Goals lead to lower population growth
30.11.2016 | International Institute for Applied Systems Analysis (IIASA)

All articles from Social Sciences >>>

The most recent press releases about innovation >>>

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

Im Focus: Novel silicon etching technique crafts 3-D gradient refractive index micro-optics

A multi-institutional research collaboration has created a novel approach for fabricating three-dimensional micro-optics through the shape-defined formation of porous silicon (PSi), with broad impacts in integrated optoelectronics, imaging, and photovoltaics.

Working with colleagues at Stanford and The Dow Chemical Company, researchers at the University of Illinois at Urbana-Champaign fabricated 3-D birefringent...

Im Focus: Quantum Particles Form Droplets

In experiments with magnetic atoms conducted at extremely low temperatures, scientists have demonstrated a unique phase of matter: The atoms form a new type of quantum liquid or quantum droplet state. These so called quantum droplets may preserve their form in absence of external confinement because of quantum effects. The joint team of experimental physicists from Innsbruck and theoretical physicists from Hannover report on their findings in the journal Physical Review X.

“Our Quantum droplets are in the gas phase but they still drop like a rock,” explains experimental physicist Francesca Ferlaino when talking about the...

Im Focus: MADMAX: Max Planck Institute for Physics takes up axion research

The Max Planck Institute for Physics (MPP) is opening up a new research field. A workshop from November 21 - 22, 2016 will mark the start of activities for an innovative axion experiment. Axions are still only purely hypothetical particles. Their detection could solve two fundamental problems in particle physics: What dark matter consists of and why it has not yet been possible to directly observe a CP violation for the strong interaction.

The “MADMAX” project is the MPP’s commitment to axion research. Axions are so far only a theoretical prediction and are difficult to detect: on the one hand,...

Im Focus: Molecules change shape when wet

Broadband rotational spectroscopy unravels structural reshaping of isolated molecules in the gas phase to accommodate water

In two recent publications in the Journal of Chemical Physics and in the Journal of Physical Chemistry Letters, researchers around Melanie Schnell from the Max...

Im Focus: Fraunhofer ISE Develops Highly Compact, High Frequency DC/DC Converter for Aviation

The efficiency of power electronic systems is not solely dependent on electrical efficiency but also on weight, for example, in mobile systems. When the weight of relevant components and devices in airplanes, for instance, is reduced, fuel savings can be achieved and correspondingly greenhouse gas emissions decreased. New materials and components based on gallium nitride (GaN) can help to reduce weight and increase the efficiency. With these new materials, power electronic switches can be operated at higher switching frequency, resulting in higher power density and lower material costs.

Researchers at the Fraunhofer Institute for Solar Energy Systems ISE together with partners have investigated how these materials can be used to make power...

All Focus news of the innovation-report >>>

Anzeige

Anzeige

Event News

ICTM Conference 2017: Production technology for turbomachine manufacturing of the future

16.11.2016 | Event News

Innovation Day Laser Technology – Laser Additive Manufacturing

01.11.2016 | Event News

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

14.10.2016 | Event News

 
Latest News

UTSA study describes new minimally invasive device to treat cancer and other illnesses

02.12.2016 | Medical Engineering

Plasma-zapping process could yield trans fat-free soybean oil product

02.12.2016 | Agricultural and Forestry Science

What do Netflix, Google and planetary systems have in common?

02.12.2016 | Physics and Astronomy

VideoLinks
B2B-VideoLinks
More VideoLinks >>>