Monterey, CA Poverty Level Declining Amongst Seniors

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The percentage of senior citizens living below the poverty line has dropped from 27% in 1969 to 9% in 2012 according to U.S. Census Data.  That's an amazing statistic although it's probably not true in Monterey County, one of the most expensive places in the country to retire.  Experts believe the sharp decline is linked to President Lyndon Johnson's New Deal which he announced 50 years ago.  Since then, people have been putting more into 401 (k) programs and Medicare coverage and pension plans have kept more seniors from slipping into poverty.  In addition, there are more non-labor intensive jobs available than there were 50 years ago, so many seniors are working well past 65 years of age.  The Kaiser foundation disputes the 9% figure, stating that poverty rates are actually 15% for seniors if you use the so-called "supplemental poverty measure" which deducts health expenses from income.  The census defines poverty for those over 65 as $11,173 a year for an individual and $14,095 for a two-person household.

Please note that this blog reflects my personal opinion and may or may not reflect the opinion of Hands to Help Seniors and the individual members comprising the Board of Governors.