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.