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 ...
This crap article was written by a retarded high school sophomore who’s been stoned out of his gourd for 25 years.
Confiscatory taxation is and has been part of the problem.
Exactly. I’ve ranted here time and again about people paying more in taxes than they need to. Why give Mother Government use of your money for a YEAR while you wait for a refund - that gets taxed again as INCOME?
But, I’m just a dumb hick from the sticks who lives below the radar and retired at age 56, debt free. What do I know? ;)
“Good Housekeeping”!
I ended up getting that mag as a substitute when another went out of business, to fulfill to the end of my subscription.
I agree. These days, it is totally PM, Woke trash. It goes straight to recycling, and I toss any letters they send asking me to renew.
I also noticed their book reviews each month changed drastically. They’d pick a skin shade OTHER than white or the current sexual perversion and all the books ‘reviewed’ would be about that. That’s pushing an AGENDA, Folks!
How many advertising dollars could possibly be made, PANDERING to the smallest percentages of people out there? I KNOW how to run a business; that’s NOT how it’s done.
It would be interesting to see what the actual demographics are of each magazine. When I ran my Garden Center, my ‘average customer’ was a 50+ year old female with plenty of expendable cash. I knew her. I WAS her! However, I had products and plants, trees and shrubs that encompassed ALL income levels.
Know who were some of my best customers? Mail Order Russian Brides, LOL! Yep. They were THRILLED that now that they had a husband and some anchor babies and a home and a YARD that they could grow a lot of fruits, veggies, trees and shrubs that were native to Mother Russia, right here in Wisconsin. They were a trip. And as gorgeous as could be. ;)
“I put my SS check immediately into savings.”
I start SS in another few months. That’s right where mine is going, too. Saving/Investing. :)
I’ll make more retired than I do working. It’s a good thing until you start using up that what used to be $1M in the 401k.
Yep. Government-induced problems, with seemingly no solutions, are battering us on every shore. Glad I’m on the back-end of my run. :(
There will be an 8-10% increase in benefits in 2023, depending on inflation.
Your comments are generally valid—but just remember that the Boomers were raised by parents who taught them (or failed to teach them) their values.
;-)
“Teach your parents well!”
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