Posted on 09/14/2022 1:11:14 PM PDT by sodpoodle
The number of Americans aged 65 and older has increased to approximately 56 million, or 17 percent of the population, nearly double the 1960 level of 9 percent. The majority, about 55 percent, are women, and among those 85 years and older, nearly two-thirds are women. T Also importantly, by 2034, those older than 65 are expected to outnumber children for the first time in U.S. history.
Although COVID-19 reduced life expectancies of older Americans by approximately a year, Americans at age 65 years in 2021 could expect to live an additional 18 years on average — about 17 years for men and 20 years for women. In addition to the sex difference, life expectancies at age 65 vary across America’s racial/ethnic groups, with Asians experiencing the highest at 21 years, followed by Hispanics at 19 years and white Americans at 18 years. The lowest life expectancies at age 65 at slightly more than 16 years are among Native Americans and Blacks.
With respect to financial resources, the median annual income is approximately $28,000 for men and $22,000 for women. Also, nearly 10 percent live below the poverty level. This also varies according to racial/ethnic demographics, with Black and Hispanic Americans having the highest percentages living below the poverty level at 18 and 17 percent, respectively. Asian and White Americans are at approximately half those levels with 9 and 7 percent, respectively.
Despite the widespread desire among Americans for early retirement, the financial resources of most are insufficient.
According to the U.S. Government Accountability Office (GAO), nearly half of American households headed by someone 55 years and older lack some form of retirement savings. It also reports that close to 30 percent of those who are retired or nearing retirement do not have retirement savings or a defined benefit plan.
(Excerpt) Read more at msn.com ...
God bless
I guess get ready for FauciVid 2.0.
the ‘fruits’ of leftism and feminism specifically.
Those of us who are Gen X and older—let’s encourage our own children to marry and have children. I’m Gen X and my oldest is marrying in Nov and his fiancé has stated she wants 3 kids—yay! Look at Israel. It’s possible to be first world and have lots of kids. The secret is religiosity.
“...nearly HALF of American households headed by someone 55 years and older lack some form of retirement savings.”
A. Let that sink in. Mother Government will have to care for them.
B. Always save a bullet for yourself!
It amazes me that in one of the wealthiest, opportunity-rich and still (relatively) free nations, half of us can’t plan/save for retirement. Or a home. Or the rent. Or a car. Or next weeks groceries...
I agree with that. The American dream used to be marry, buy a house and have 3 kids. All the movies and TV shows always had the husband deliriously happy when told his wife was expecting.
I planned for my retirement....but I didn’t plan for Bidenomics.
All good points. But I prefer sound financial planning before retirement. So maybe have many grown kids and grandkids you pay to care for you (as opposed to paying for strangers to care for you).
But even with that, the premise of the article is for having enough young workers paying into things like Socialist Security for the gubment to mange and give to older folks. Yeah, SS should give to former workers and their spouses at least what the workers put into it plus a reasonable interest. But you and I are better off if we plan for retirement assuming gubment won't keep their end of the bargain. And even if they do, we should plan for decades of inflation raising costs to live.
Even with family (young workers paying for the living costs of their elder retired family) it's still wise and considerate IMHO for the retirees to financially plan to not be a burden on their offspring.
I’m concerned about the fact that hippies have basically run the country for the last 25 years. And that the last patriotic/loyal generation, the Silent, is dying off.
Somehow I think our overlords have been on it for the last few decades — and have the issue well in hand.
Or college tuition
The boomers have squandered the best opportunities ever given to any generation.
It’s no wonder the younger folks despise them.
Bingo!
“I’m concerned about the fact that hippies have basically run the country for the last 25 years.”
Clinton was elected in 1992.
“...nearly half of American households headed by someone 55 years and older lack some form of retirement savings”
With inflation and the tanking market, the other half is going be there real soon, too.
“I planned for my retirement....but I didn’t plan for Bidenomics”.
That’s a winner!
Same with me.
Too much immigration is lowering our standard of living.
Baby mommas and illegals hit hardest.
We boomers elected Reagan!!!
Instant Gratification Uber Alles.
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