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Wealth inequality among older Americans

J P Smith1

  • 1RAND, Santa Monica, California, USA. james_smith@rand.org

The Journals of Gerontology. Series B, Psychological Sciences and Social Sciences
|May 1, 1997
PubMed
Summary

Older American households show extreme wealth inequality, with the wealthiest having 2,500 times more than the poorest. Health and race significantly impact wealth accumulation and inheritance intentions.

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Area of Science:

  • Gerontology
  • Economics
  • Sociology

Background:

  • Wealth distribution among older Americans is a critical aspect of economic security and retirement.
  • Understanding disparities is essential for policy development and social equity.
  • Previous research indicates income inequality, but wealth inequality among the elderly warrants specific examination.

Purpose of the Study:

  • To analyze the distribution of household wealth among Americans aged 70 and older.
  • To investigate factors contributing to wealth disparities, including race and health status.
  • To explore bequest intentions and motives within this demographic.

Main Methods:

  • Utilized data from the AHEAD (Asset and Health Dynamics Among the Oldest Old) study.
  • Employed statistical analysis to examine wealth percentiles and disparities.
  • Analyzed correlations between wealth, race, health, and bequest intentions.

Main Results:

  • Extreme wealth inequality exists, with the top 10% holding 2,500 times more wealth than the bottom 10%.
  • Racial wealth gaps are substantial, with minority households accumulating significantly less wealth than White households, largely due to wealth disparity over income.
  • Household wealth is strongly correlated with health status, varying by a factor of seven between poor and excellent health.

Conclusions:

  • Significant wealth inequality among older Americans is driven by factors beyond income, including race and health.
  • Health status is a major determinant of wealth accumulation in later life.
  • Bequest intentions are bifurcated, with most planning modest inheritances, but a substantial minority expecting to leave significant sums.

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