Based on latest research, census bureau released data of the older people aged 65 who live in poverty had been decreased 1.2% in 2015 from its previous record of 10% in 2014. It stated that it was a historical moment since the U.S financial crisis and Great recession.
The data also included a slightly increase of median household income about 5.2% compared to data in 2007. Moreover, the poverty rate was decreased considerably from 14.8% to 13.5 percent, which indicated the increasing in job vacancy as well as working people. On the other hand, the bureau had different result to others variables of official and supplemental data.
In 2014, the numbers of poverty rate for seniors between bureau and official reports were respectively 13.7% and 8.8%, while supplemental recorded 14.4%. This unmatched data was caused by the unspecific factors of supplemental review and official records, which tend to bias the result. Furthermore, this differences were specifically affect by several factors, for instance, health care cost data, work expenses and social security.
In health care cost, the significant differences could be barely seen between official and supplemental record, which showed that 11 million against 2.7 million people who pushed the older people towards poverty. Then, the work expenses did not push the number of seniors towards poverty as much as health care did. The social security was another important factor which caused older people to become poor, 26.6 million against 17.1 million in total.
In conclusion, the poverty among seniors has slowly dropped since 2015 as the great recession was over. In addition, many seniors still can rely from the benefit of their pension as well as their assets which accumulate since they have spent them to preserve them from poverty in these days.