University of Michigan retirement study

Poverty More Likely As Adults Age

Posted on 04/30/2012 by |Money and Work | Comments

Bulletin Today | Money & SavingsOur fears about outliving our savings could become a reality if we live long enough. According to a new report,  about 11 percent of adults older than 65 lived in poverty in 2009, the latest year studied. But by age 85 and up, that figure rose to nearly 15 percent. Getting by on the bare minimum proved to be a greater struggle for those ages 50 to 64 as well. Poverty rates rose to more than 12 percent in 2009 from just under …