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Report: Elderly poverty on the decline

02/17/12

New studies indicate a growing national trend of poverty in younger age groups and falling in older age groups, including senior citizens.

According to the USA Today, official U.S. Census numbers show 9 percent of senior citizens currently living in poverty, compared to 22 percent of children. The gap has widened between the two with eight North Carolina counties showing high child poverty rates for every one that has high senior poverty.

“This seems to be a story of social policy,” Beth Mattingly, researcher of family poverty at the Carsey Institute at the University of New Hampshire, told the news source. “Social Security and Medicare are keeping seniors out of poverty.”

Adults who want to better prepare themselves financially for the future and retirement may want to consider investing in an annuity. Although life insurance policies pay off for the policyholder's dependents and loved ones, an annuity is meant to pay off at a later date to benefit the investor themselves. It is recommended one first consult a licensed financial professional before investing in an annuity of any kind.

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