David Grabowski (Harvard) et al. find many middle-income seniors will have insufficient resources
"More than half of middle-income seniors will lack resources for housing and care, study says" - Boston Globe. 4/24/2019.
"In the study, Mace, Grabowski, and four other researchers from the University of Chicago and the University of Maryland broke middle-income seniors into two groups. The “young old,” between 75 and 84, were able to draw on $25,000 to $74,000 a year per person from savings and investments. The “old old,” those 85 and older, were able to draw on $24,000 to $95,000. The income range was wider in the older group partly because more are widowed.
Only about 54 percent of the people in this middle-income group will be able to meet the estimated annual costs of $60,000 for assisted-living rent and other expenses, researchers found. Middle-income individuals under 75 weren’t included in the study because many are working and most live independently."
Additional Media Coverage:
"Study: 8 Million Middle-Income Seniors Will Struggle To Afford Housing" - Forbes. 4/24/2019.
"Most U.S. Middle-Class Seniors Will Lack Funds for Assisted Living by 2029" - US News & World Report. 4/24/2019.