Millions of retirees can't afford basic living expenses

From The Los Angeles Times: http://www.latimes.com/business/money/la-fi-mo-retiree-living-expenses-20120301,0,2848072.story

By Walter Hamilton

March 1, 2012

More than 9 million retired Americans don’t have enough money to cover basic living expenses, according to a new study.

Of the nearly 20 million older Americans who live alone or with a spouse, about 47% can’t afford everyday necessities such as proper nutrition and medical care, according to the analysis by Wider Opportunities for Women, a nonprofit research firm in Washington.

(Another 20 million seniors live with family members or in group settings such as nursing homes. They aren’t included in the study.)

The research organization used Census Bureau data to calculate median 2010 income levels for people 65 or older. Income came from a variety of sources, including Social Security, pensions and retirement savings.

It compared that to basic living expenses in individual states and determined the gap between the two.

Complete article at: http://www.latimes.com/business/money/la-fi-mo-retiree-living-expenses-20120301,0,2848072.story