42%

The number of Seniors living within 200% of the Supplemental Poverty Measure (SPM) is staggering (currently 42%), but remember that many of those currently 65-years or older have been participating in a traditional defined benefit plan. As more of the younger Boomers and Gen-Xers begin to retire with only a defined contribution plan and/or IRA, the numbers will likely escalate.

The. U.S. Census Bureau reports two different measures of poverty: the official poverty measure (2017 $11,756) and the Supplemental Poverty Measure (SPM), which produces various thresholds based on one’s geographic area and homeownership status, and also an individual’s financial resources and liabilities, including taxes, the value of in-kind benefits (e.g., food stamps), and out-of-pocket medical spending. Based on the analysis, there are more than 21 million older adults with incomes less than 200% of the SPM.

 

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