The Problem – and Why You Should Care
There are 100 Million People over 50 in the United States.
Reliable estimates are that anywhere from 35 to 40 percent of these people have no money saved for their later years.
That’s not only one out of two people over 50, it is as many as one out of every 7 Americans.
And a few more daunting facts about senior poverty (and we bet you know at least a few of these people):
The paths these millions took to their predicament are as varied as the people themselves – illness, divorce, career obsolescence, and yes, in some cases, mismanaging their money
Most of these people will live another 20, 30, 40 years – but on what?
Most have limited job skills, few prospects, and live in a youth-oriented society
There is evidence that millennials are not preparing financially and may well fall into the same trap as their parents
You might think a problem affecting this large a segment of the population would set off alarms, and receive enormous attention from government, media, business and academia.
But senior poverty doesn’t. It is largely ignored. It is largely unknown.
The Senior Poverty Prevention Project (SPPP) intends to change that.