What’s the biggest source of income for Americans in the last years of their lives? Whether you live to 65, 75, or 85-plus, no matter if you’re married or single, the answer is the same: Social Security. And in the you’re-on-your-own, 401(k) era, this hard fact is only becoming more so.
More Americans are elderly—over 65—today than at any time in the nation’s history, and more of these older people are living to a really advanced age than ever before. It’s safe to say we collect more data on them than ever before, as well. That means we’ve never had as good a chance to study the financial health of the elderly.
Using data from University of Michigan’s Health and Retirement Study (HRS), sponsored by the National Institute on Aging, the Employee Benefit Research Institute has just released a fascinating analysis of individuals who responded to the HRS survey in 2010 and died before the next, 2012 survey. Continue reading →