SOWK 304 Lecture Notes - Lecture 10: Supplemental Security Income, Ageism, Life Insurance
5 Jul 2018
Department
Course
Professor
Chapter 10 Economics of Aging
1935: Social security. Part of New Deal. After stock market crash
First benefit was $20/month
Cost of living increase in their benefit
Folks who are older some are still working/never left full time job while others retire early, and others
retire at their full retirement age and work part time.
Less money if you retire early.
Many seniors opt to retire early, but continue to stay involved in the workplace in some matter shape or
form.
There are millions of Americans who are older and have to work.
Lost money in stock market
Recession
Savings
Don’t have years to make up for lost revenue
In America we have a wide spectrum of wealth among elderly
Percent from very wealthy to extremely poor. Most Americans are in the middle of that
spectrum.
California has the highest number of elderly people
Then Florida
In 2016 half of all people who get Medicare(65 and older) have income less than $26,000/year
In 2016 7.1 million adults 65 and older live in poverty
Poverty varies according to sex, marital status, work history, and race
Older women who are single, divorced, of color are more at risk for living in poverty than other ethnic
groups.
Women in general are more at risk for living in poverty. Typically they don’t have a significant work
history/dependent on husband
3 Ways that if you are female, didn’t work, and are divorced you can avoid the trap of poverty
1. Win lottery
2. Inherit a lot of money
3. Kill husband and collect life insurance policy
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
Folks who are older some are still working/never left full time job while others retire early, and others retire at their full retirement age and work part time. Many seniors opt to retire early, but continue to stay involved in the workplace in some matter shape or form. There are millions of americans who are older and have to work. Don"t have years to make up for lost revenue. In america we have a wide spectrum of wealth among elderly. Most americans are in the middle of that spectrum. California has the highest number of elderly people. In 2016 half of all people who get medicare(65 and older) have income less than ,000/year. In 2016 7. 1 million adults 65 and older live in poverty. Poverty varies according to sex, marital status, work history, and race. Older women who are single, divorced, of color are more at risk for living in poverty than other ethnic groups.
