Nearly half of the country’s senior citizens are economically vulnerable, a new report from the Economic Policy Institute finds.
About
19.9 million, or 48 percent, of America’s seniors have incomes that are less than
two times the supplemental poverty line, according to the report.
Jo
Reed, director of the Elder Economic Security Initiative at Wider
Opportunities for Women, said it is often poorly understood just how
economically vulnerable older adults are, particularly women and people
of color. Senior debt levels are also reaching record levels, she
explained.
“We want to call attention to this reality, and based
on this do everything we can to ensure that there are programs and
policies in place that bolster the economic security for our elderly,”
Reed said.
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More than half of Illinois’ private sector employees do not have
access to a retirement savings plan through their jobs, according to a
new study released by the Woodstock Institute.