The current record-high level of income inequality in the United States affects ...
Passengers await a cable car near Union Square in San Francisco, California, June 22, 2015. REUTERS/Robert GalbraithCHICAGO - The current record-high level of income inequality in the United States affects all segments of society, but two new reports shed light on how the trend is impacting older Americans.
The two new research reports look at the gap in ownership of financial assets, and in the housing market. Both show that among retirement-age Americans, ownership of assets is rising among the wealthiest 20% of households, with everyone else treading water or losing ground. And the wealth gap is worsening among today’s younger generations, who will not reach retirement age for some time., examined wealth as defined by nontangible assets such as savings accounts, stocks and bonds.
“The trend is really disturbing,” said Nari Rhee, director of the retirement security program at the UC Berkeley Center for Labor Research and Education, and co-author of the report. “Millennials have attained a level of financial asset inequality very similar to boomers but a full 20 years earlier. This will only worsen over time.”The NIRS study is limited in that it excludes income from pensions and Social Security - and it also does not include home equity.
JCHS also found that a growing share of older households is carrying housing and other types of debt into old age. In 2016, 46% of homeowners aged 65-79 had outstanding mortgages, home equity loans or lines of credit, up from 24% three decades ago. Among homeowners age 80 or older, the figure soared from 3% to 26%.
“We’re seeing trends toward wider disparities in income, bigger gaps in home ownership among different demographic groups and also seeing wider disparities in wealth, and the presence of debt,” said Molinsky. “Going forward, more older adults will have difficulty accessing housing that’s affordable, but also physically safe, accessible and well-connected to services.”
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