Senior Poverty Statistics
The article below discusses some senior poverty statistics. It was written in late 2008 by a senior citizen in the US. So what’s changed? Anything? The author notes that:
- “6 out of 10 workers over the age of 45 and older were already planning to delay retirement for at least 5 years
- 34% for men and 26% of women at 65 are either still working or looking for work
- 13% of Americans over the age of 45 have already taken funds out of their retirement accounts
- Senior options are “ spend less and continue working and retire much later”
Source of image above.
I take senior poverty very seriously. If you’re reading this, I know you do too. You’re probably looking for a way to –
Find Ideas For Making Money In Retirement
And now on to the article by Jerry Lewis.
“Newly Retired Or Nearly Retired Seniors
Over the past few months, seniors who have recently retired or who are getting close to retirement, have found it necessary to adjust there retirement plans and often delay their plans completely.
Even seniors who felt they planned well and saved enough fore a comfortable retirement have had to rethink their plans. A recent survey by the Assoc. of Retired Persons found that 6 out of 10 workers over the age of 45 and older were already planning to delay retirement for at least 5 years and some as long as 10. On top of that, they find themselves working longer hours to try and make up what they have lost because of this recent turn down we find ourselves in. Unfortunately, time is our real enemy here.
Back in 1985, only about 15% of men and 8% of women were still working over the age of 65. Today, that percentage is up to 34% for men and 26% of women at 65 are either still working or looking for work.”
Senior Living In Retirement
“Fewer than 1 in 5 seniors surveyed felt they would be able to maintain their standard of living after retirement.
Women are at a greater disadvantage because, generally, they made less money and are living longer. Who ever thought that living longer would pose a problem.
Many senior women, after retirement, live on less than $10,000 per year. More and more seniors, men and women, find themselves at the poverty level once retired.
This only get worse as the years go on. We are out living our money. Bankruptcy in the over 70 age group is up something like 400%.”
“Women are at a greater disadvantage…” There is one place of work (you can probably guess what I’m referring to from the title of this blog! 🙂 ) where you’ll find equal pay for the same job and at least that’s one factor you won’t have to deal with!
“Unfortunately, these figures will only get higher. In a recent survey by The American Assoc. of Retired Persons found that 13% of Americans over the age of 45 have already taken funds out of their retirement accounts. That decision will create a double penalty on these people. They not only lose that portion of their retirement funds but also the interest compounding they could have gained as well.
We’re all looking at this train wreck that’s coming our way and there is no way of stopping it, at least not soon enough to help the over 50 who are already caught up in this disaster. What are our options and some solutions to this problem? The only two I keep reading about is that we must spend less and continue working and retire much later. Many fear that retirement is no longer in their future.”
How Can I Make Money In Retirement?
“However, there is one more option they all seem to overlook. Starting your own small home based business is that third option. To continue to work is an OK option if you really enjoy what you are doing. But what happens if your company does not allow you to continue working or your among the legions of workers who have been laid off because of cutbacks or outsourcing.
This brings us back to starting our own small business. The internet is a great place to do that without all the expense usually associated with starting a traditional business.
The senior market is one of the fastest growing markets on the internet and who knows seniors better than other seniors. What they need, what they want. Its been said that about 68% of internet users are over the age of 40 and has grown by about 65% since 1997.
They have money to spend and are on the internet about 38 hours per week doing a lot more that surfing and emailing family.”
And that’s why I wrote Careers For Seniors Over 60. Click on that link and read it if you want help to sort out your options.
“As far as what kind of business or what should you market, that’s up to you. The internet is an unending source of information and anyone can find something that they would be interested in. The only real question that needs to be answered is how.
The answer to that question is attraction marketing. This process is completely generic and can be applied to anything you decide to market be that online or offline. Plus, when applied properly you will find it can be done at very low cost and much of it at no cost to you.
The main thing you must know when going into your own business is how to market. There is no way around it. Without marketing there is no business, at least not long term which is what we all want. Learn the Attraction Marketing process and by this time next year, that train wreck we talked about will be well out of your life and you will be none the worse for the experience.
My name is Jerry and I am of the senior citizen generation that I write about. I know many of the problems we face today with everything that’s going on out there. We all know what they are. But we do have options and internet marketing is one of them. This will teach you how to create a web of content on the internet with hundreds, and soon, thousands of links all pointing back at you and your product. You will be the hunted and not the hunter. It is working for me and it will work for anyone who is willing to learn and apply whats learned. Create Your Home Biz Here [http://createyourinternethomebizhere.com]:
Here you will only find what works. No theory here. We only show what we have and do use to build our own million dollar business over the past 10 years+.”
Article Source: http://EzineArticles.com/expert/Jerry_Lewis/201678
So Jerry’s site that he recommended doesn’t seem to be there anymore.
One additional way that seniors can become impoverished is by financial fraud. Here is a real story at “Recent Fraud Stories- Senior Targeted“.
But I have discovered and reviewed an amazing site called Wealthy Affiliate. It has been helping people get started and succeed at earning a second paycheck, if not a full time income, for years.
This instructional community of experts and bloggers who are still learning, covers the basic info you need to know (and how to get more, for free) and will get you starting a couple of websites of your own (for no cost!).
I hope I’m helping you hope! With some investment of your time, you can plan how to make extra money in retirement. And you won’t be part of those senior poverty statistics!
Have you ever tried blogging? How did you learn it? Please share below, or feel free to ask questions. I will get back to you!