A recent study by the National Council on Aging and the University of Massachusetts Boston’s LeadingAge LTSS Center reveals that low-income older Americans are dying an average of nine years earlier than their wealthier counterparts.
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Middle-income older Americans are also dying younger than wealthier people, with about 15% of seniors with annual household incomes of roughly $60,000 dying during the study period compared to about 11% in households with incomes of around $120,000.
The study, based on data from the University of Michigan’s Health and Retirement Study, highlights the impact of economic inequality on the health and longevity of older adults in the U.S.
The difference in average mortality age by income could be attributed to a lack of preventative care, inability to pay for care, or the stress of financial instability among low-income seniors.
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About 80% of people over 60 have few or zero financial assets, leading to financial insecurity in later years and potential economic burdens on younger generations.
As the population ages, addressing the financial challenges faced by older adults becomes increasingly important to ensure a more equitable and healthy aging experience.
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