WHAT IS THE ECONOMIC WELL-BEING OF
TODAY'S OLDER ADULTS?
American Psychological Association
Table of Contents
Why Practitioners Need Information
The overall economic picture of older adults has improved significantly since the 1970s, and, in general, they now have more assets than younger adults. In 1992, 13 percent of older adults as a group were poor (compared to nearly 15 percent of those under 65 years), although poverty rates were higher for older African Americans (33 percent), Hispanics (22 percent), and persons aged 85 or more (20 percent). The median income for older men was $15,276, and $8,579 for older women. Social Security benefits are the primary source of money income. Interestingly, a survey conducted by the APA Committee on Older Women found that older female psychologists were as financially secure in their later years as older male psychologists.
