What The Baby Boom Can Look Forward To

[Annie]

Poverty Increasing Among Retirees - Yahoo! Finance

Growing numbers of older Americans are spending their retirement years in poverty, according to a recent Employee Benefit Research Institute study. The proportion of older people living below the poverty line has been growing steadily since 2005, and many of those people are falling into poverty as they age and spend down their savings.

Poverty rates for people ages 65 to 74 climbed from 7.9 percent in 2005 to 9.4 percent in 2009, according to the EBRI analysis of University of Michigan health and retirement study data. For older retirees ages 75 to 84, there was an even steeper increase, from 7.6 percent to 10.7 percent over the same time period. But it's the oldest retirees who are the most likely to live in poverty: 14.6 percent did so in 2009.

Many older Americans are falling into poverty as they age. In 2009, the most recent year included in the study, 6 percent of those age 85 older were new entrants in poverty, up from 4.6 percent in 2005. And while 3.3 percent of people ages 75 to 84 fell newly into poverty in 2005, that number increased to 5.6 percent by 2009.

One of the biggest drivers of poverty in old age is failing health and the associated medical costs. Most retirees living below the poverty line (70 percent) have suffered acute health conditions such as cancer, lung disease, heart problems, or stroke, compared with 48 percent for those above the poverty line, according to health and retirement study data. And almost all senior citizens living in poverty (96 percent) have some sort of health condition, such as high blood pressure, diabetes, psychological problems, or arthritis, versus 61.7 percent of retirees with incomes above the poverty line.

"Medical expenditures go up for the elderly as they age and medical expenses have been rising over the past decade very rapidly," says Sudipto Banerjee, a research associate at EBRI and author of the report. "A lot of people have to move to nursing homes, and nursing homes are very expensive. People who live there, they lose their income and assets very quickly."

Many people also spend down their retirement savings too quickly, especially during recessions. "As people age, personal savings and pension account balances are depleted," says Banerjee. "Also, the rising poverty rates noted correspond to the two economic recessions that occurred during the last decade. I would expect that as the economy does better, the rates will go down."

Once you have spent your nest egg, your only remaining source of income is likely to be Social Security. Social Security payments are based on your earnings during your 35 highest earning years in the workforce. Those who didn't work for 35 years get smaller payments because zeros are included in the average.

Poverty rates for women were nearly double that of men in almost all years between 2001 and 2009. In 2009, poverty rates were 7 percent for men and 13 percent for women. And both men and women who are single have significantly higher poverty rates than married couples. When one spouse dies, the total Social Security benefit received by the household often decreases...

 

[MeBelle]

Very sad indeed.

Probably another thread that will go unnoticed.

 

[Mad Scientist]

Because we know that gay sex is FAR more important a topic.

God help us all!

 

[alan1]

How many of these people were forced to contribute 12.4% of their income to SS instead of being allowed to save and invest it for themselves?
It's really not a surprise to me that people that have been taxed so heavily via income tax (fed and state), SS, Medicare, etc, don't have the means to support themselves in retirement.

 

[edthecynic]

Poverty Increasing Among Retirees - Yahoo! Finance

Growing numbers of older Americans are spending their retirement years in poverty, according to a recent Employee Benefit Research Institute study. The proportion of older people living below the poverty line has been growing steadily since 2005, and many of those people are falling into poverty as they age and spend down their savings.

Poverty rates for people ages 65 to 74 climbed from 7.9 percent in 2005 to 9.4 percent in 2009, according to the EBRI analysis of University of Michigan health and retirement study data. For older retirees ages 75 to 84, there was an even steeper increase, from 7.6 percent to 10.7 percent over the same time period. But it's the oldest retirees who are the most likely to live in poverty: 14.6 percent did so in 2009.

Many older Americans are falling into poverty as they age. In 2009, the most recent year included in the study, 6 percent of those age 85 older were new entrants in poverty, up from 4.6 percent in 2005. And while 3.3 percent of people ages 75 to 84 fell newly into poverty in 2005, that number increased to 5.6 percent by 2009.

One of the biggest drivers of poverty in old age is failing health and the associated medical costs. Most retirees living below the poverty line (70 percent) have suffered acute health conditions such as cancer, lung disease, heart problems, or stroke, compared with 48 percent for those above the poverty line, according to health and retirement study data. And almost all senior citizens living in poverty (96 percent) have some sort of health condition, such as high blood pressure, diabetes, psychological problems, or arthritis, versus 61.7 percent of retirees with incomes above the poverty line.

"Medical expenditures go up for the elderly as they age and medical expenses have been rising over the past decade very rapidly," says Sudipto Banerjee, a research associate at EBRI and author of the report. "A lot of people have to move to nursing homes, and nursing homes are very expensive. People who live there, they lose their income and assets very quickly."

Many people also spend down their retirement savings too quickly, especially during recessions. "As people age, personal savings and pension account balances are depleted," says Banerjee. "Also, the rising poverty rates noted correspond to the two economic recessions that occurred during the last decade. I would expect that as the economy does better, the rates will go down."

Once you have spent your nest egg, your only remaining source of income is likely to be Social Security. Social Security payments are based on your earnings during your 35 highest earning years in the workforce. Those who didn't work for 35 years get smaller payments because zeros are included in the average.

Poverty rates for women were nearly double that of men in almost all years between 2001 and 2009. In 2009, poverty rates were 7 percent for men and 13 percent for women. And both men and women who are single have significantly higher poverty rates than married couples. When one spouse dies, the total Social Security benefit received by the household often decreases...

How many of these people were forced to contribute 12.4% of their income to SS instead of being allowed to save and invest it for themselves?
It's really not a surprise to me that people that have been taxed so heavily via income tax (fed and state), SS, Medicare, etc, don't have the means to support themselves in retirement.

Medical expenses bankrupt the elderly, so what do the CON$ blame?....Social Security, of course.
Get rid of the Affordable Care Act and screw the elderly, it's their fault their health fails with age!

 

[MeBelle]

Medical expenses bankrupt the elderly, so what do the CON$ blame?....Social Security, of course.
Get rid of the Affordable Care Act and screw the elderly, it's their fault their health fails with age!

Let's not forget that Seniors are forced into Medicare when they retire, even though they have private health insurance.
Let's not forget that government continues to cut reimbursements for the elderly.
Let's not forget that more PCP Doctors are refusing to take on more Medicare or Medicaid patients. They can't break even with this payer source.

 

[Mr. H.]

Big fucking deal. This "boomer" has already spent many years in poverty. In a lot of ways, the best times of my life. What's to fear? Bring it on. And I survived without suckling the teat. I'd rather eat beans, pasta, and rice bought with my own meager earnings than gnaw on a government filet du mignon.

Entitled bastards.

 

[Againsheila]

Big fucking deal. This "boomer" has already spent many years in poverty. In a lot of ways, the best times of my life. What's to fear? Bring it on. And I survived without suckling the teat. I'd rather eat beans, pasta, and rice bought with my own meager earnings than gnaw on a government filet du mignon.

Entitled bastards.

Um, filet mignon???? I mean, sure I can go with the beans, pasta and rice bought with my own money vs government steak, but filet mignon?....please don't make me choose....I'm sooo weak....

 

[Mr. H.]

LOL. It's a metaphor.
Posting while drunking last night. Now I'm posting while hanging.

That's one of my favorite avatars btw.

 

[Rozman]

Because we know that gay sex is FAR more important a topic.

God help us all!

Well you gotta give credit where credit is due...
The focus of the WH has been gay issues and reproduction issues...
You know the real important stuff.

The deficit,the debt,unemployment,housing,the economy...
Well why bother.

MSNBC they don't even talk about this anymore.
Their focus is on getting Obama elected again...
Every night
Every show,it's attack,attack,attack, Romney and the GOP....

 

[uscitizen]

Poverty Increasing Among Retirees - Yahoo! Finance

Growing numbers of older Americans are spending their retirement years in poverty, according to a recent Employee Benefit Research Institute study. The proportion of older people living below the poverty line has been growing steadily since 2005, and many of those people are falling into poverty as they age and spend down their savings.

Poverty rates for people ages 65 to 74 climbed from 7.9 percent in 2005 to 9.4 percent in 2009, according to the EBRI analysis of University of Michigan health and retirement study data. For older retirees ages 75 to 84, there was an even steeper increase, from 7.6 percent to 10.7 percent over the same time period. But it's the oldest retirees who are the most likely to live in poverty: 14.6 percent did so in 2009.

Many older Americans are falling into poverty as they age. In 2009, the most recent year included in the study, 6 percent of those age 85 older were new entrants in poverty, up from 4.6 percent in 2005. And while 3.3 percent of people ages 75 to 84 fell newly into poverty in 2005, that number increased to 5.6 percent by 2009.

One of the biggest drivers of poverty in old age is failing health and the associated medical costs. Most retirees living below the poverty line (70 percent) have suffered acute health conditions such as cancer, lung disease, heart problems, or stroke, compared with 48 percent for those above the poverty line, according to health and retirement study data. And almost all senior citizens living in poverty (96 percent) have some sort of health condition, such as high blood pressure, diabetes, psychological problems, or arthritis, versus 61.7 percent of retirees with incomes above the poverty line.

"Medical expenditures go up for the elderly as they age and medical expenses have been rising over the past decade very rapidly," says Sudipto Banerjee, a research associate at EBRI and author of the report. "A lot of people have to move to nursing homes, and nursing homes are very expensive. People who live there, they lose their income and assets very quickly."

Many people also spend down their retirement savings too quickly, especially during recessions. "As people age, personal savings and pension account balances are depleted," says Banerjee. "Also, the rising poverty rates noted correspond to the two economic recessions that occurred during the last decade. I would expect that as the economy does better, the rates will go down."

Once you have spent your nest egg, your only remaining source of income is likely to be Social Security. Social Security payments are based on your earnings during your 35 highest earning years in the workforce. Those who didn't work for 35 years get smaller payments because zeros are included in the average.

Poverty rates for women were nearly double that of men in almost all years between 2001 and 2009. In 2009, poverty rates were 7 percent for men and 13 percent for women. And both men and women who are single have significantly higher poverty rates than married couples. When one spouse dies, the total Social Security benefit received by the household often decreases...

How many of these people were forced to contribute 12.4% of their income to SS instead of being allowed to save and invest it for themselves?
It's really not a surprise to me that people that have been taxed so heavily via income tax (fed and state), SS, Medicare, etc, don't have the means to support themselves in retirement.

Medical expenses bankrupt the elderly, so what do the CON$ blame?....Social Security, of course.
Get rid of the Affordable Care Act and screw the elderly, it's their fault their health fails with age!

They just have poor reading comprehension.
It was clear in the article that medical costs was by far the biggest reason for their living in poverty.

Ohh and half of that "contribution" was from the employer not them and their rate has not always been at that percentage.
Just poor understanding all around from the right wingers.
I guess that is why they are wingnutz.

 

[uscitizen]

The FICA tax began with the creation of the Social Security system in 1935. Tax rates were much lower than they are in the early 2000s and only reached 1.5 percent of a worker's pay in 1950. From1950 to 1990 increases brought the FICA tax rate to the level of 6.2 percent, where it remained as of 2010.

Read more: FICA & Medicare Withholding Rates | eHow.com FICA & Medicare Withholding Rates | eHow.com

 

[uscitizen]

Tax rates as a percent of taxable earnings
Rate for employees and employers, each Rate for self-employed workers
OASDI HI Total OASDI HI Total
1937-49 1.000 -- 1.000 -- -- --
1950 1.500 -- 1.500 -- -- --
1951-53 1.500 -- 1.500 2.250 -- 2.250
1954-56 2.000 -- 2.000 3.000 -- 3.000
1957-58 2.250 -- 2.250 3.375 -- 3.375
1959 2.500 -- 2.500 3.750 -- 3.750
1960-61 3.000 -- 3.000 4.500 -- 4.500
1962 3.125 -- 3.125 4.700 -- 4.700
1963-65 3.625 -- 3.625 5.400 -- 5.400
1966 3.850 0.350 4.200 5.800 0.350 6.150
1967 3.900 0.500 4.400 5.900 0.500 6.400
1968 3.800 0.600 4.400 5.800 0.600 6.400
1969-70 4.200 0.600 4.800 6.300 0.600 6.900
1971-72 4.600 0.600 5.200 6.900 0.600 7.500
1973 4.850 1.000 5.850 7.000 1.000 8.000
1974-77 4.950 0.900 5.850 7.000 0.900 7.900
1978 5.050 1.000 6.050 7.100 1.000 8.100
1979-80 5.080 1.050 6.130 7.050 1.050 8.100
1981 5.350 1.300 6.650 8.000 1.300 9.300
1982-83 5.400 1.300 6.700 8.050 1.300 9.350
1984 a 5.700 1.300 7.000 11.400 2.600 14.000
1985 a 5.700 1.350 7.050 11.400 2.700 14.100
1986-87 a 5.700 1.450 7.150 11.400 2.900 14.300
1988-89 a 6.060 1.450 7.510 12.120 2.900 15.020
1990 and later b, c 6.200 1.450 7.650 12.400 2.900 15.300

FICA & SECA Tax Rates


the formatting did not come thru, if you want a nice table go to the link.
You wingnuts have a bit more difficult computation than you think.
I notice it seemed to go from 5.08 to 6.06 under Reagan....
And reagans increases gave the congress about 3 trillion surplus to spend on other things.