Nearly half of elderly Americans will face a future with at least one year below or close to the poverty line, according to a new study that showed a huge racial divide in prospects for the elderly.
Mark R. Rank, a professor at Washington University in St. Louis, said the results of his research contradict popular beliefs about the economic stability of America's elderly population.
"We have an image of the elderly as doing pretty well," he said, adding that data spanning 35 years does not support that assumption.
Elderly black Americans are almost twice as likely as whites to sink to the poverty level, according to the study. It estimates 64.6 percent of black Americans and 32.7 whites will face poverty.
"There are historical differences between whites and African-Americans. In all age groups, African-Americans are more likely at lower paying jobs and have much less assets," Rank explained.
I'm already there, especially because of on-going medical bills. Read the rest of this article here:
http://www.rawstory.com/rs/2010/12/elderly-face-poverty-study/
