Bill Benson – (408) 378-6603

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The Senior Advocacy Blog Of Bill Benson

Older Americans Falling Into Poverty As They Age

According to an analysis of data from the University of Michigan done by the Employee Benefit Research Institute, poverty rates have increased every year since 2005 for older Americans and are worst among the oldest of the elderly. In 2009, 15 percent of Americans over the age of 85 were living in poverty and 6.0 percent of them fell into poverty after turning 85. The data suggests people are spending their retirement savings too quickly and falling into poverty as they grow older. Sudipto Banerjee, EBRI research associate and author of the report, said, as people age, their personal savings and pension account balances are depleted and their medical expenses increase. The study found that people living in poverty were far more likely to be suffering from health conditions such as heart disease, cancer, or diabetes than people living above the poverty line. The odds of suffering a health condition of some sort goes up 45 to 55 percent for Americans living in poverty. More here and here.

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Bill Benson
NMLS#274999
Senior Mortgage Planner / Reverse Mortgage Specialist
Partners Mortgage
A division of Pinnacle Capital Mortgage Corp.

Telephone: (408) 378-6603

Company Website | Email Me

About Bill:

Bill Benson was raised in San Jose where he graduated from San Jose State University with a degree in Business Administration. After serving his country for three years as an Officer in the U.S. Navy, Bill, his wife Diane (his high school sweetheart), and two young children moved to the mountains where he became a Realtor and then a Real Estate Broker. He eventually expanded into Property Management and then Real Estate Development in the Central Valley of California before returning to Santa Clara County and becoming a top producer in the Mortgage Business.

In his 30+ years in the mortgage business, he has worked extensively with Realtors, Home Builders, Financial Planners, and a wide variety of Home Buyers. Bill now specializes in Reverse Mortgages for Senior Citizens. His passion is to enable Seniors to stay in the homes they love at retirement and to live their lives more comfortably. He excels in service and is proud that much of his business is the result of referrals from past clients.