Question

Among older persons, a wider range of assets and income is seen than in other age categories. On the other hand, about _____ percent of all people over 65 live in poverty.

Answer 1

The poverty rate among people over 65 was 9.7% in 2008, but increased to about 14% by 2010 following the recession. The elderly experienced ups and downs in poverty rates, with significant improvements over the decades before the 2008 financial crisis.

Step-by-step explanation:

Among people over sixty-five years old, the poverty rate has seen a significant decline from 30 percent in 1967 to 9.7 percent in 2008, which was well below the national average of 13.2 percent. However, due to the economic impacts of the recession, the national poverty rate among the elderly had risen to 14 percent by 2010. While the poverty trends for the elderly had been improving over the decades, the 2008 financial crisis posed new challenges and potentially changed financial futures for many older adults.