Thursday, August 23, 2012

"Younger seniors" (55-64) hit much harder by economy than older seniors

The New York Times has an interesting “Economix” story by Catherine Rampell, “Big income losses for those near retirement”, link (website url) here

The average income for Americans 55-64 is about 10% less than it was in 2009, when the “recovery” supposedly began. However, for Americans over 65, incomes seem to have increased, and this appears especially to focus on income from employment.

But older seniors may be relatively better off than “younger seniors” because their wealth was accumulated in a more prosperous time, when home and other asset values were reliably increasing.

The report with these findings comes from Sentier Research, which says it focuses on income and demographics.  It seems to be a relatively new site.  It particularly uses a Census-executed survey called the American Community Survey. The press release PDF is (website url) here

The numbers may play into GOP strategies claiming that Obama’s policies actually favor the “well off” among seniors and don’t help “average” seniors.  

1 comment:

Anonymous said...

At 51 I have little hope of collecting social security or even retiring. My father gets his social security, but can't retire at 72. Things look worse for us as we seek to help our 5 children start careers. They are ages 14-25 with various degrees and no jobs. I think you may want to discuss bankruptcy, loan modifications, and education reform in your blog. Thanks for your focus and I look forward to following your blog.