Wednesday, January 12, 2011

Many Seniors Living in Poverty Due to Recession

Image representing Associated Press as depicte...Image via CrunchBase
After the numbers were revised, the 2009 Census revealed that there may be millions of more American citizens living in poverty than originally thought. Those who are aged 65 and over appear to be especially affected by the economic downturn, with poverty rates nearly doubling to 16.1 percent, according to The Associated Press.

The Western region of the nation had the highest rate of residents living in poverty at 19.2 percent. The Midwest had the lowest rate at 12.5 percent.

The news source suggests that the impoverished elderly population underscores the need for the government to strategically plan for aging baby boomers and seniors. One way to correct this problem is to install additional safety measures in the form of old-age benefits or reform Medicare and Social Security systems.
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