Snapshot of poverty among seniors – supplemental poverty measure: Poverty rates are traditionally measured using a threshold of three times the subsistence food budget from 1963 – adjusted for inflation. This varies depending on size of a family and age of family members. Thresholds are lower for families with elderly members. Another measure, the supplemental poverty measure, uses recommendations from a 1995 National Academy of Science Panel. Poverty thresholds are determined from recent patterns of expenditures for basic necessities, plus a small additional allowance, then adjusted for regional differences in housing prices and home ownership. It does not differentiate between adults older or younger than age 65. Tax credits and benefits such as food stamps are considered income; job-related expenses, income tax and health care expenditures are deducted. In 2009, half of all seniors spent at least 16 percent of their income on health care according to Kaiser Family Foundation.
Economic status of older Americans
This Economic Security Database measures how much older people need to make ends meet on a state-by-state basis (health care expenses are included) and compares that to average incomes for seniors.
An online interactive map from Genworth Financial compares median long-term care costs by state, region, or type of care shows nursing home costs continue to rise. In 2013. The median cost for a semi-private room was $207 per day, or $75,555 per year. That is a 3.3 percent jump since 2012, and an overall 4.3 percent rise over five years. Private room costs increased 3.6 percent from 2012 to 2013, to $83,950 annually; 4.5 percent higher over 5 years. A new report by the company, includes data based on surveys of over 15,000 providers in 437 regions throughout the U.S. Links to a breakout of key findings, an explanation of methodology, and a briefing paper on long-term care’s real impact on a caregiver’s career, family dynamics and financial security are also available.
The Federal Inter-Agency Forum on Aging-Related Statistics has data about what kinds of resources people have to tide them through retirement.
The Bureau of Labor Statistics compiles data on retirement benefits provided through the workplace.
The Employee Benefits Retirement Institute also publishes data on retirement and how much money people have saved for that time of life.
Unemployment statistics for older Americans: The data, broken down by gender, education, race, and ethnicity, spans the period from Nov. 2007 to Feb. 2012.