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The Takeaway: Older Americans Feel Better About Their Money

Posted By Elizabeth Nolan Brown On May 22, 2012 @ 7:39 am In Bulletin Today | Comments Disabled

So much of the financial news about older Americans is downbeat. More of them are falling into poverty [1].  A disproportionate number of older workers lost jobs in April. [2] Will they get new ones [3]? Don’t hold your breath.

At last, welcome news: a Gallup survey finds [4] that Americans ages 75 and older are the most likely (72 percent) of all age groups to say they feel good about the amount of money they have. Not only that, they’re the most likely to say they’re satisfied with their standard of living (86 percent); have more than enough money to do what they want (52 percent); and have enough money to buy what they need  (84 percent). And what they spent yesterday? They don’t sweat it (90 percent).

See also: 5 Tips for Easing into Retirement. [5]

The next oldest decade – ages 65 to 74 and more likely to be new to retirement – is feeling pretty all right, too. For example, 78 percent of them are satisfied with their standard of living.

Is the biggest thing to fear about retirement fear itself? That’s what those ages 50 to 64 may be telling us. Only 50 percent of them feel good about the amount of money they have. And less than half of them (49 percent) feel they’re headed in the right direction financially.

Tuesday Quick Hits:

  • There’s fraud, and then there’s fraud. A Brooklyn man who for six years dressed as his dead mother when cashing her Social Security checks was sentenced yesterday [6] to 13 years in prison for that and other crimes.
  • Because so few eligible borrowers have accepted a chance to have their foreclosure cases reviewed for errors [7] and maybe win restitution, a new invitation will be sent in early June, reminding nearly 4 million households of the July 31 deadline for requesting a review.

Article printed from AARP: http://blog.aarp.org

URL to article: http://blog.aarp.org/2012/05/22/the-takeaway-older-americans-feel-good-about-their-money/

URLs in this post:

[1] falling into poverty: http://blog.aarp.org/2012/04/30/poverty-more-likely-as-adults-age/

[2] lost jobs in April.: http://blog.aarp.org/2012/05/07/disproportionate-number-of-older-workers-lost-jobs/

[3] get new ones: http://blog.aarp.org/2012/05/15/the-takeaway-number-of-long-term-unemployed-workers-55-rose-sharply-since-2007/

[4] survey finds: http://www.gallup.com/poll/154718/Financial-Wellbeing-Improves-Age.aspx

[5] 5 Tips for Easing into Retirement.: http://www.aarp.org/work/retirement-planning/info-04-2012/easing-into-retirement.html

[6] sentenced yesterday: http://online.wsj.com/article/AP8bf5cac62e134461adfb8e32e2d0babc.html

[7] foreclosure cases reviewed for errors: http://www.usatoday.com/money/economy/housing/story/2012-05-20/foreclosure-reviews-deadline-approaches/55095956/1

[8] What to do with the family property? : http://www.npr.org/2012/05/22/153032486/time-to-move-grandma-what-to-do-with-her-home

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