An Added Burden For Boomers: Your Children’s Retirements

The Huffington Post published the following piece on May 25. The idea—parents saving for their children’s retirements—left several readers frustrated. Yet parents have always been leaving bequests for their children; this piece recommends a specific type of bequest—a retirement account or annuity, left at death. I am reprinting it here as this week’s post.

The economy is not clicking along like it should—the recovery of the last few years is slow, halting, and uncertain. The United States now has a large cadre of long-term unemployed, and many of them are in their twenties and early thirties. Continue reading

The Oldest Generation—Income, Location, Disabilities, and Health Insurance

Last time we introduced a Census Bureau report that describes some characteristics of the oldest segment of our population—those 90 years old or older (90+). The group is small, mostly women, and mostly widowed. Still, about three-quarters of them live in households. Less than one quarter are institutionalized.

The median income in the group was $14,760 (2008 dollars)—that’s annual, per person, personal income. For men, it was $20,133, and for women, it was $13,580. Social Security has become nearly universal among this group: 92.3% of them receive it, and it is about 48%, or almost half, of the median personal income. The rest comes from investments, public assistance, other retirement income, or other sources.

During the same time, the median annual per person income in the US was about $27,500. The 90+ group has a per person income of about half the overall population.

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