The economic status of the aged

This article discusses what is known about the economic status of the aged. Numerous complexities involved in the assessment of their status are discussed. Compared with most other recent assessments, this study finds a less favorable status for the aged relative to other age groups. The focus is on an examination of detailed age groups, rather than summary aged and nonaged groups--thus providing a more complete picture of age differences. More than most other assessments, this study stresses uncertainty about the relative status of the aged and emphasizes what we do not know. It stresses that better adjustments for differences in needs among age groups and other subgroups of the population are necessary. It emphasizes that consistency between the definition of resources and the specification of needs is essential. Also discussed is the vulnerability of the aged to economic risks. Major findings include: Median cash income is highest for middle-aged family units and lowest for the oldest and youngest units. The poverty rate for aged persons is above the rates for other adult age groups, but below the rate for children. When noncash income is considered in addition to cash income, the income of the aged tends to improve relative to that of the nonaged, but serious measurement problems exist. When wealth is considered in addition to cash income, the economic status of the aged improves relative to that of the nonaged.