Downwardly Mobile

(Photo by Svetlana Grechkina)

Has the American Dream become the American Nightmare for thousands of seniors?  And is it about to become such for thousands more?

As Baby Boomers reach retirement age at an unprecedented rate, many are without substantial funds.  Pensions that their parents had are a thing of the past, and social security just doesn’t stretch that far.  Many are finding themselves downwardly mobile, a fancy way of saying poorer and poorer.

As a result, numerous seniors “either have to curtail their spending or keep working to survive.” Often, both.  Yet even that can fall short of the increasing medical expenses associated with aging.

Recent U. S. Census data has shown an alarming trend for elders.  Whereas the poverty rate has decreased for those within the “18 and under” and “18 to 64” age brackets, it has significantly

increased for those 65 and over.  Many elders are “becoming poor for the first time.”

Resources

https://getpocket.com/explore/item/this-is-what-life-without-retirement-savings-looks-like

Copyright December 28, 2019 by Linda Van Slyke   All Rights Reserved