SOC 364 - University of Wisconsin–Eau Claire



SOC 364 Chapter 13: The Economics of Aging

Notes

Chapter Outline

Economic needs

Income

Poverty

Sources of Income

Effects of Inflation

Conclusion

Defining the Elderly

Age 65+

Generally no children at home

Retired

Own their own homes

Expenses are lower in comparison to their middle years

Higher expenses in medical care compared to middle years

Today’s Retirees

Experience economic deprivation

Used to deprivation by growing up in a hardened historical and cultural environment

War

The Depression

Generally more politically conservative

Must maintain an adequate standard of living on a relatively unchanging income

Statistics on Elderly Americans

44.3% are living alone (excluding institutionalized)

41.3% living with a spouse

4.4% living with children

0.8% living with spouse & children

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