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Wednesday, July 20, 2011

Study find that a majority Michigan Seniors face economic insecurity

Photo Credit-Google Images
Michigan senior population are slugging to
meet monthly bill and housing obligations, while
facing an increase of taxes under Gov. Snyder's
recently passed law.
As seniors in Michigan face paying taxes on their pension and social security income 2012, with Governor Rick Snyder’s recently passed law giving a 1.5 billion dollar tax cut to C & S based corporations, a recent study finds one-third of Michigan’s seniors are considered “economically insecure”.

Beyond what the federal poverty rates cite, at least one in four seniors is on the other end of the economic scale struggles to make ends meet, according to the paper, “Invisible Poverty: New Measure Unveils Financial Hardship in Michigan’s Older Population.”
“There’s the popular perception that they have this nice car and their house is paid off and they travel the country. And that’s true for some,” said Thomas Jankowski, one of the study’s authors and associate director for research at Wayne State University’s Institute of Gerontology said to the Detroit Free Press 
“But others – many, many others – just skate on the edge of economic security,” he said.
In Michigan, the median income for a household headed by someone 65 and older is $32,392, based on the 2008 U.S. Census numbers used in the study. A majority of senior population household, 78,521 senior households in out of 813,013 or 9.7 %, to be exact, fall under the poverty threshold. That’s about $13,014 for a senior couple.

The study used the Elder Index which measures what the formula considers expenses typical to seniors, like ever-increasing out-of-pocket medical expenses. It also considers housing markets price differences and other living expenses that vary geographically.

Using this factor of measurement, more than one in three seniors in Oakland and Macomb counties, or 35.3% and 36.8 % respectively were “economically insecure,” while 40.8 % of seniors in Wayne County were insecure.

In the end, no zip code in Michigan is free of senior population economic uncertainty.
“You might have seniors who bought this big fancy house when they were working, but now they have to pay property taxes on it, and they’re still struggling — especially now the (real estate) market has locked people in those houses," Jankowski cited about the study.
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