Senior Citizens in Poverty
Here’s an eye opening statistic for you – Prior to the creation of the Social Security System in the 1930’s, approximately 75% of senior citizens in America were living in poverty. This figure has been dramatically reduced today to just below 10%, thanks to employee pensions, Social Security and also retirement savings accounts.
But still, here in America today, many senior citizens with income levels just above the poverty level continue to have financial struggles well into their retirement.
Just as alarming are the results of a study that was done by Brandeis University. This revealed that 75% of senior citizen households in America are in a precarious position economically.
Criminal scams against the elderly continue to be prevalent despite repeated warnings by many agencies. As a rule, scammers have no morals, and are willing to take whatever they can from the elderly. Most seniors are too trusting and are willing to help those in need and scammers count on that and govern their pitches accordingly.
If you were to ask the question, what is a reverse mortgage, to the average citizen, you would hear a number of different answers, many of them incorrect. The reverse mortgage program was initially designed to assist senior citizens who primarily were “house rich and cash poor”.
During the past few years, senior adults have been the primary target of various 