CHICAGO: Whilst the wealthiest of households have recovered from the Wall Street meltdown that led to the Great Recession, the reverse has wreaked havoc on the retirement plans of millions.
Middle and lower income groups haven’t recovered.
One study has found that our existing housing stock is ill-suited to meet seniors’ needs, including affordability, accessibility, social connectivity and support services. And high housing costs are eating into the ability of low-income older adults to pay for necessities like food and healthcare.
Another financial study’s findings on middle-class retirement prospects are equally troubling. Despite the economy’s gradual mending, the report found a widening gap in income and net worth. The top 10 percent of households was the only income band registering rising income (up 2 percent since 2010). Households between the 40th and 90th percentiles of income saw little change in average real incomes from 2010 to 2013. And the rate of home ownership was 65 percent, down from 69 percent in 2004 and 67 percent in 2010.
Ownership of retirement plan accounts also fell sharply…