Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

2/26/2013 (1 year ago)

Catholic Online (www.catholic.org)

'Golden Years' vanish as those over 75 years of age struggle to make ends meet

For many Americans, the "golden years" remain far away, no matter what their age. A new study has found that Americans older than the age of 75 have become increasingly burdened with debt in order to make ends meet.

Experts say a likely culprit of today's elder debt is incurred through medical expenses.

Experts say a likely culprit of today's elder debt is incurred through medical expenses.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

2/26/2013 (1 year ago)

Published in U.S.

Keywords: Elder Americans, debt, medical expenses


LOS ANGELES, CA (Catholic Online) - Experts say a likely culprit of today's elder debt is incurred through medical expenses.

According to the Employee Benefit Research Institute, between the years of 2007 and 2010, people who are 75 and older were more likely to have debt. In addition, their average debt levels increased significantly. These figures are in stark contrast to other older Americans in their 50s and 60s, who generally saw their debt levels stabilize during that period.

The good news is that people ages 75 and older are much less likely to have debt, and generally carry far less debt, than other older Americans. It's still troubling to see that the trend for that group to see debt increasing, rather than decreasing, debt burdens.

"It really looked like something wasn't going well for them," Craig Copeland, a senior research associate with EBRI and the report's author says.

He suspects that many Americans who are 75 and older have few options but to take on debt when a big unexpected expense arises, because many are living on fixed retirement incomes and don't work. This puts certain options such as taking on a second job in order to reduce their debt burden.

Although many older Americans are covered by Medicare, Copeland noted that many are still on the hook for co-pays and other out-of-pocket expenses. A person with a limited income can have their finances thrown into disarray by one unexpected event, such as a broken hip that requires significant co-pays or the sudden need for a very expensive prescription that isn't fully covered.

"In a lot of cases it seems to be that health care is a particularly vexing issue," he said.

The percentage of people 75 and above who had debt grew from 31.2 percent in 2007, the year the nation went into recession, to 38.5 percent in 2010. The average amount of debt for those with debt also more than doubled, from $13,665 in 2007 to $27,409 in 2010.

The debt loads were far greater for people in their 50s and 60s, but trend lines were far less troubling. The percentage of people ages 55 to 64 that held debt fell from 81.7 percent to 77.6 percent. For people ages 65 to 74, the percentage holding debt held steady at about 65 percent.

The average debt for 55- to 64-year-old debt holders fell from $112,075 in 2007 to $107,060 in 2010. For people ages 65 to 74, average debt fell from $72,922 in 2007 to $70,875 in 2010.


---


Pope Francis: end world hunger through 'Prayer and Action'


© 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for September 2014
Mentally disabled:
That the mentally disabled may receive the love and help they need for a dignified life.
Service to the poor: That Christians, inspired by the Word of God, may serve the poor and suffering.



Comments


More U.S.

A political warning against high taxes: Northest losses 40% of its House seats Watch

Image of High taxes have dropped the population of 11 Northeastern states dramatically, cutting their number of seats in the House of Representatives by 40% since 1950.

By Catholic Online (NEWS CONSORTIUM)

The Census Bureau has reported that the Northeast is losing power in the U.S. as many citizens leave the high-tax region, heading south or west to states with lesser tax burdens. LOS ANGELES, CA (Catholic Online) - Population growth has shifted, primarily to the ... continue reading


Is Ebola here to stay? Second patient being monitored for Ebola in Dallas Watch

Image of The Centers for Disease Control and Prevention had confirmed earlier this week that a patient at Texas Health Presbyterian Hospital Dallas was the first person to be diagnosed in the U.S. with the Ebola virus.

By Catholic Online (NEWS CONSORTIUM)

A second person who had been in close contact with a person infected with Ebola is now being closely monitored in Dallas. Health officials here are treating the situation here with great seriousness, as this is the first example of an Ebola-infected person ... continue reading


How Can We Overcome Fear? Watch

Image of Perhaps we are no longer as crippled by our fears as we were when we were younger, but they still lurk in the background, robbing our freedom and preventing our human flourishing. They harm our relationships and can impede our growth.We can be set free!

By Deacon Keith A Fournier

Unable to overcome fear by our own effort, we are often overcome by it. Though we may develop coping mechanisms over time, or learn to hide the interior reactions caused by fear, inside, it can paralyze us and impede us from living our lives to the full. The ... continue reading


'Political correctness' could have cost lives in White House Security breach Watch

Image of It was later revealed that the fence-jumper made it all the way to the East Room of the White House, on the second floor.

By Catholic Online (NEWS CONSORTIUM)

"Political correctness" is a hot-button term that has come to mean irrelevance as applied to any given situation. According to Representative Jason Chaffetz (R., Utah), who sits on the House Oversight and Government Reform Committee, "political correctness" ... continue reading


Watch out Saudi Arabia! U.S. oil production expected to rapidly increase Watch

Image of A Saudi Arabian oil refinery.

By Catholic Online (NEWS CONSORTIUM)

The International Energy Agency says that U.S. production of petroleum is set to exceed that of Saudi Arabia's for the first time since 1991. A growing sign of the future of the American energy sector. LOS ANGELES, CA (Catholic Online) - The production of oil and ... continue reading


Latinos run from Obama en mass after president punts immigration reform Watch

Image of Latino activists have turned their back on President Obama after he dropped immigration reform until the midterm election.

By Catholic Online (NEWS CONSORTIUM)

President Barack Obama has bowed to worried Senate Democrats, delaying executive actions on immigration until after the midterm elections, fearing that using executive actions would make immigration reform a partisan issue which would hurt Democrats. LOS ANGELES, ... continue reading


As thousands of illegals enter U.S., who's stuck with the education bill? Watch

Image of Tens of thousands of unaccompanied minors have flooded into the U.S. during 2014 alone, mostly from South America. While they await immigration trials, schools are responsible for teaching them.

By Catholic Online (NEWS CONSORTIUM)

The large numbers of unaccompanied minors who have been illegally crossing into the U.S. from Mexico in ever greater numbers have caused American schools to scramble in an attempt to provide services. LOS ANGELES, CA (Catholic Online) - The children and teens who ... continue reading


St. Michael the Archangel, Defend Us in Battle: Pope Francis Takes on the Devil Watch

Image of

By Deacon Keith Fournier

Now the new People of God is the Church. That is the reason she considers him her protector and support in all her struggles for the defense and expansion of the kingdom of God on earth. It is true that "the powers of death shall not prevail", as the Lord assured ... continue reading


Need milk? Eggs or flower? The Post Office may have you covered Watch

Image of Amazon partnered with the USPS to provide daily grocery deliveries to people in the San Francisco Bay area, a program the USPS wants to extend to the rest of the country.

By Catholic Online (NEWS CONSORTIUM)

The U.S. Postal Service has revealed a new plan to reverse its six-year streak of billion-dollar losses, which is as ingenious as it is simple. LOS ANGELES, CA (Catholic Online) - The USPS wants to deliver your groceries to you, and the agency sent this proposal to ... continue reading


Where the buffalo roam... Native Americans plan return of free range Bison on the American Great Plains Watch

Image of Bison calves are playful and eager to roam free.

By Catholic Online (NEWS CONSORTIUM)

Buffalo are part of the American west. Across the vast prairies of the Great Plains, herds grazed and migrated, crisscrossing the open grasslands in great, thundering tides. Each year, some of these buffalo were hunted by Native Americans who used everything, from ... continue reading


All U.S. News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Exodus 23:20-23
20 'Look, I am sending an angel to precede you, to ... Read More

Psalm, Psalms 91:1-2, 3-4, 5-6, 10-11
1 You who live in the secret place of Elyon, spend ... Read More

Gospel, Matthew 18:1-5, 10
1 At this time the disciples came to Jesus and said, ... Read More

Saint of the Day

Saint of the Day for October 2nd, 2014 Image

St. Leger
October 2: Leger was raised at the court of King Clotaire II and by his ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter