Report: Elderly population has low net worth
A relatively low median net worth is typical among Americans aged 65 and older, according to a new report by the MetLife Mature Market Institute, Westport, CT.
When home equity is factored in, people between the ages of 65 years and 69 have a median net worth of $114,000. Otherwise, the figure plunges to less than $28,000, notes the Demographic Profile of Americans.
Moreover, about 10% of the 65-and-older population - 3.6 million people - live below the national poverty line.
"As we consider increased longevity rates, coupled with the low savings patterns of the baby boomers, we can anticipate that the older population of the future will not fare any better financially than this 65-plus generation," said Sandra Timmermann, Ed.D., director of the MetLife Mature Market Institute.