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Financial Issues of Older Adults

  • Sharon A. DeVaneyEmail author
Chapter

Abstract

By 2050, the percentage of the US population that is aged 60 years and older will grow from the current about 20 % to 27 %. In addition, the percentage aged 65 and over is projected to reach 21 % by 2050. This chapter is about financial issues of those aged 65 and over. Total money income for those 65 and over comes primarily from four sources: Social Security, earnings, pensions, and asset income. For those 65 and older in the lowest income quintile, Social Security represented 84 % of total income. For those 65 and older in the highest income quintile, Social Security represented 17 % of total income. A study on consumer expenditures in 2010–2011 found that Americans aged 65 and over could be grouped into six clusters based on their spending patterns. The clusters were: happy retirees, balanced budgeters, transportation burdened, healthcare burdened, housing burdened, and basic needs. The “basic needs” cluster represented 26.9 % of the population aged 65 and over.

Keywords

Basic needs Consumption Health care Housing Older adults Transportation 

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Copyright information

© Springer International Publishing Switzerland 2016

Authors and Affiliations

  1. 1.Purdue UniversityMonumentUSA

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