Wayne State’s Institute of Gerontology’s Seniors Count! project has concluded that 37 percent of seniors are living below or on the brink of economic security. Many of these seniors cannot afford basic food, transportation and medical care pertinent for survival.
Kate White, executive director of the non-profit organization Elder Law of Michigan, said there are two main reasons many seniors are unable to meet their financial needs.
“No. 1 is that costs have been rising because of the economic recession,” White said. “(No.) 2 is that most incomes for older adults are either flat or decreased over the past few years.”
The WSU research team gathered the results by applying the Elder Economic Security Standard Index to Michigan’s senior citizens. This measures economic security by averaging the expenses of basic survival with those specific to retirement, including long-term care, health care, housing and transportation.
Many seniors are unable to afford necessities due to a lack of planning for the future. Augustus Vincent, a senior management client at Senior Alliance, said if he could rewind time, he would have saved more money earlier.
“I thought doors were opened for senior citizens. That’s what they make it look like, but they don’t; it closes down for senior citizens,” Vincent said. “It is very hard to get the things that I want. When I was 15-16, coming up to 31-40, I could get anything I wanted. But it seems like the government kicks a senior citizen to the curb.”
The poverty rate determined by the U.S. Census Bureau data is 9.7 percent. The discrepancy between their data and that of Seniors Count! comes from the Elder Index; the researchers took into account more economic needs like food and shelter in determining economic status than did the U.S. Census Bureau.
“I thought it was going to be a bunch of roses, but it isn’t,” Vincent said about being older. “I brought a paycheck home close to $900 a month when I worked for GM. When I retired, I only got about a third of that.”
Vincent said being a senior is different than he originally thought it would be and advised young people to start saving now.
White said the Elder Index has been applied in California and their seniors are slightly better off than Michigan’s seniors.
“Most states have found that 25 percent seniors are trying to get by on Social Security alone,” White said. “That doesn’t bring someone above the poverty level, so if that’s your only income, you are going to be in hard shape.”
“Obviously with Michigan, that is way more significant than 25 percent,” she said, referring to the Seniors Count! project’s findings of 37 percent.
Shirley Stark, a senior citizen who lived in Detroit and took part in the Institute of Gerontology’s research, said seniors are suffering economically because of a lack of unity among Detroit residents. She said moving to Westland is the best move she’s made.
“Don’t come to Detroit. The problem is (young people) like Detroit,” Stark said. “Now they are starting to move in downtown because (they’re getting) deals. It’s not safe.”
Stark gave away her house after being robbed repeatedly.
“The last time we got broken into, and I called the police to report that I had been broken into, the police said there were no cars available,” Stark said.
White, Vincent and Stark all said saving for retirement is the best way young people can ensure economic security for themselves when they are older.
White said that she thinks the baby boomers will face difficult times.
“Research shows baby boomers have not saved a lot for retirement,” White said. “This could be because they have lots of debt because of paying for college and earning lower wages.”
No events for this date
6:00 pm | De La Salle Collegiate HS
6:00 pm | Ladies Night Out 'Health Crawl'
6:00 pm | Ladies Night Out 'Health Crawl'
7:30 am | Clinical Neurophysiology: PET and SPECT Scanning in Epilepsy
7:30 am | Clinical Neurophysiology: PET and SPECT Scanning in Epilepsy
8:00 am | School of Medicine 2012 - Symposium & Banquet to Honor Dr. Lisak
12:00 am | Current Concepts in GYN Oncology & Pathology
12:00 am | Current Concepts in GYN Oncology & Pathology
12:00 am | Rapid Response Seminars
Be the first to comment on this article!
Comments are closed for this item.