The NYT reports on how some wealthy elderly families fear tougher times with the market downturn. While it is an interesting piece, it implies that the people discussed in the article are typical retirees. According to the Social Security Administration, two-thirds of retirees rely on Social Security for more than half of their income. Only around 10 percent of the elderly have more than $1 million in stock.
--Dean Baker
The American Prospect is nonprofit, reader-funded journalism—and we need your help.
Our reporters dig deep, hold power to account, and explain how policy shapes people’s lives. If you value independent journalism that goes beyond the headlines, now’s the time to support it.
Here’s how you can help:
• Donate to power fearless reporting
• Subscribe to get our print magazine 6x/year.
Every dollar funds our in-depth reporting.
Donate Now. Subscribe here.
