The NYT Invents the Affluent Elderly

The NYT reports on how some wealthy elderly families fear tougher times with the market downturn. While it is an interesting piece, it implies that the people discussed in the article are typical retirees. According to the Social Security Administration, two-thirds of retirees rely on Social Security for more than half of their income. Only around 10 percent of the elderly have more than $1 million in stock. --Dean Baker in Beat the Press blog