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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