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Price and income changes for the elderly

B Bridges, M D Packard

    Social Security Bulletin
    |January 1, 1981
    PubMed
    Summary
    This summary is machine-generated.

    Inflation impacts the elderly, but a specific consumer price index (CPI) for seniors closely tracked the general CPI from 1967-79. Real incomes for seniors rose overall, but specific cohorts experienced declines.

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    Area of Science:

    • Economics
    • Gerontology
    • Consumer Price Index Analysis

    Background:

    • Common belief suggests inflation disproportionately harms the elderly.
    • Arguments include less-than-full inflation indexing of senior income sources.
    • Seniors' spending patterns may expose them to higher inflation rates.

    Purpose of the Study:

    • To assess if a general consumer price index (CPI) accurately reflects the cost of living for the elderly.
    • To analyze changes in average real incomes for the elderly population during the 1970s.

    Main Methods:

    • Constructed a CPI using expenditure weights specific to the elderly population (1967-1979).
    • Compared the elderly-specific CPI to the economy-wide CPI.
    • Examined changes in real incomes for families headed by individuals aged 65+ between 1970 and 1977.

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    Main Results:

    • The elderly-specific CPI moved similarly to the general CPI but grew slightly faster.
    • Average real income for families headed by individuals 65+ increased by 10% between 1970 and 1977.
    • However, the real income of a specific cohort of families (aged 65+ in 1970) decreased by 4% from 1970 to 1977.

    Conclusions:

    • While a general CPI is a reasonable proxy, a senior-specific index indicates slightly higher inflation for this demographic.
    • Overall real income gains for the elderly mask potential financial declines for specific long-term cohorts.
    • Inflation's impact on the elderly is nuanced, varying by income sources and cohort-specific income trajectories.