Poverty Increasing Among Retirees

Considering the Presidents/Federal Government took almost $4.6 trillion from social security and $500 billion from medicare to spend in whatever ways they wanted instead of increasing taxes for the wealthiest 1%ers, and considering they keep taking away medical coverages it is a "given" the elderly is suffering more and more.

Bollar of KY 10:19PM June 11, 2012

Emily you lost your credibility when your article says " the analysis projects that 7% of depression-era babies are expected to live in poverty at age 67", do the math 2012-67=1945. The depression ended just before the start of WW2. The youngest depression born person is already at least 72!

Al of TX 9:16PM June 09, 2012

With the Walker recall effort killed it is another blow to middle class by the elite such as Sheldon Adelson, the Koch brothers. Everyone should have a pension just like was available prior to the introduction of 401ks. Now Pete Peterson and his think tanks and puppet David Walker, Maya McGuiness are out for your social security. We are begining to resemble lobsters in a bucket pulling each other down back into the base. Where is the forward motion? Soon we will re-enter the middle ages again with lords, serfs,tradesmen and peasants. I remember in the 1950's when our town citizenry were a blended society. On my street were kids of banker, butcher, lawyer, physician and hardware store owner. All drove American cars be it a Cadilac, Buick or vanilla Ford. Now the upper crust would be in gated communities. It really wasn't bad when taxes were to 90% and trucking,air travel etc were regulated and CEOs's were paid ten times the average Joe instead of six hundred times and bonuses at 15% (or less if you worked at Bain).

Foxlor of CA 7:39AM June 09, 2012

"Poverty level" is such an arbitrary figure that does not take into account other factors such as family or community support, location and assets owned. My 91 year old mother, with a monthly income of just over $1000,would be insulted if she was considered to be living in poverty. She has a lovely home free of any mortgage and has reasonable property taxes due to state tax rebates for seniors. She has medigap insurance that takes care of anything not covered by Medicare. Her car is paid for and she drives very little at her age so the gas, ins. etc. cost is low. Food costs in our area are less than many places and her kids and grandkids keep her supplied with restaurant gift cards. Sons, sons-in-law, grand kids are always available for yard work or home repairs. A senior without these advantages would be starving on the same income so you can't just generalize on income alone. That is where careful planning for retirement goes beyond just money issues.

Thrifty Senior of MI 4:14PM June 03, 2012