Report – Financial Security of Elderly Americans at Risk

by Sabrina I. Pacifici on June 30, 2013

Majority of elderly blacks and Hispanics are on the cusp of poverty, a new EPI report finds – June 6, 2013

“The majority of elderly blacks and Hispanics are economically vulnerable, at 63.5 percent and 70.1, respectively, a new Economic Policy Institute briefing paper finds. In Financial security of elderly Americans at risk: Proposed changes to Social Security and Medicare could make the majority of seniors ‘economically vulnerable, Elise Gould, EPI director of health policy research, and David Cooper, EPI economic analyst, explain that because official poverty statistics do not account for seniors’ increased health costs, they mask the true vulnerability of the elderly population.  Using a more comprehensive assessment of seniors’ living expenses, they find that nearly half of America’s seniors, especially minorities and women, are just one bad economic shock away from falling into poverty. As such, any proposed changes to Social Security and Medicare must be evaluated not just for their impact on future budget deficits, but for their impact on living standards of the elderly.”

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