In 10 Years, Half of Middle-Income Seniors Won't Be Able to Afford Housing, Medical Care

A study published in Health Affairs warns more than half of middle-income Americans 75 or older will be unable to afford yearly assisted living rent or medical expenses within a decade, reports Kaiser Health News . The researchers calculated that the number of middle-income U.S. seniors will balloon from 7.9 million to 14.4 million by 2029, comprising 43 percent of the senior populace. More than half of this demographic will have annual financial resources of $60,000 or less by 2029, even if the equity in their homes is included. Forecasts put the average annual assisted living and medical expenses cost in 10 years at $62,000, which means many middle-income seniors then will not be able to afford assisted living. "The low-income cohort has been taken care of by tax subsidies, while the high-income cohort is largely self-sufficient," notes the National Investment Center for Seniors Housing and Care's Beth Burnham Mace. "But the middle-income seniors have been ignored."