The Mercury News featured an article this morning that describes a recent study out of UCLA. Its findings were that 47% of Californians 65 or older are unable to pay for their basic needs. Choices such as "food or medicine?" are being made every day.
Amazingly, the data that they used was from the 2007 census, and doesn't take into account the latest economic crisis. They also use a fifty year old federal measure to determine who is above the poverty line.
More up to date is a September 2008 study from AARP. Most people think that older homeowners would have substantial equity and low interest loans, immune from the current mortgage crisis. But this study reveals that 684,000 Americans age 50 or over are delinquent on their first mortgage, are in foreclosure, or have already lost their homes...28% of all homeowners in this situation.
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