1 in 5 Wis. seniors rely only on Social Security
MADISON, Wis. (AP) — A study of the economic needs of the elderly shows one in five Wisconsin seniors rely solely on Social Security benefits to live.
The average senior in Wisconsin needs about $18,000 to $25,000 annually just to meet basic needs of housing, transportation and food. But, the average benefit from Social Security for elderly Wisconsinites is $15,000 a year.
Stacy Sanders is associate director of the National Elderly Economic Security Initiative. She says Social Security was never intended to be the only source of income for retirees, but with the sour economy, many have lost investment money and don't have the savings they anticipated.
The Elder Economic Security Standard Index was created at the University of Massachusetts. It illustrates the basic cost of living for individuals and couples on county-by-county basis.
Sep 24, 2009 at 10:08 p.m.
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The reason there will be no future social security is so the government can have one more thing under it's thumb. Social security is expexted in these days But in the future days it will give future politicians a reason to get voted in. Social security is nothing more than the modern day welfare. Only welfare shows the poor qualities while "social" sounds like it's a right for older americans. In the end it all comes from the same place. me and you.
Sep 24, 2009 at 3:45 p.m.
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hannah. You poor thing. If you aware there will be no money avail for you at retirement, what are you doing now? I would imagine you have a 401K, something many seniors didn't have when they were in the work force. How about a regular savings plan at the bank? Have you bought savings bonds? Not all seniors are in dire straights, but don't be so condensensing to those who need the money. For many years a gold watch was what you got for a retirement, a hand shake and good bye. Pensions are not that new. So hannah, if you apparently know what the future holds for you, start saving now don't wait till it is too late.
Sep 24, 2009 at 11 a.m.
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this is exactly why we need a user tax - toll roads to lessen the burden of property taxes on our elderly/retired.
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