NCPA: How Do Seniors in the Northeast Spend Their Money?

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The financial health of northeastern seniors is a mixed bag, according a new report authored by Senior Fellow Pamela Villarreal of the National Center for Policy Analysis.

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More northeastern seniors(age 65 and over) have college degrees, own cars and own homes compared to 25 years ago.

Seniors are often portrayed as either enjoying a life of retirement ease or, on the other end of the spectrum, having to choose between medicine and groceries. But the reality is somewhere in the middle according to a new report by the National Center for Policy Analysis. “More seniors report owning a home than they did 25 years ago, but more of them also carry mortgage, home equity loan or line of credit debt,” explains the author, Senior Fellow Pamela Villarreal.

Some of the main reasons variations in northeastern seniors financial states are:

  • More northeastern seniors(age 65 and over) have college degrees, own cars and own homes compared to 25 years ago.
  • However, one out of five home-owning senior carry mortgage debt, up from 10 percent in 1990.
  • Food and clothing expenditures have fallen substantially for northeastern seniors.
  • Moreover, they are spending more on discretionary items such as hobbies, pets and entertainment.

While there is always room for financial improvements, the past few decades have revealed many gains for northeastern seniors argues Senior Fellow Villarreal. “In 1959, the rate of poverty among seniors was 35 percent, but it is now less 9 percent, the lowest among all age groups,” states Villarreal. “Furthermore, northeastern seniors are more mobile independent and educated than ever before.”

For full report: http://www.ncpa.org/pub/how-do-seniors-in-the-northeast-spend-their-money

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