A closer look at seniors’ wealth

In his Aug. 14 op-ed column, “Don’t feel sorry for America’s elderly,” Charles Lane wrote that an exaggerated portrayal of economic vulnerability among older adults should not affect our thinking. But where is the exaggeration in these survey findings?

●Today, roughly one in four seniors has problems paying his or her monthly living expenses.

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●Nearly half the respondents don’t believe they’ll have enough income ●over the next five to 10 years to meet their monthly expenses.

It’s true that the United States of Aging Survey points out that although the figure fell by 3 percent since the last survey, households headed by people 75 or older have the highest median net worth of any age group, mostly because they bought their homes earlier and saved longer than other age groups. But, as the survey also showed, the median net worth of many older Americans is plummeting. For households headed by people 65 to 74, average median net worth dropped 17 percent; for those 55 to 64, it fell 32.6 percent, and for those 45 to 54, it dropped 39 percent.

Jo Ann Jenkins, Washington

The writer is president of the AARP Foundation. 

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Charles Lane was not wrong about the relative prosperity of today’s senior population, but these citizens will not be part of the solution to the Medicare problem.

As a group, seniors and retirees (and I am in both groups) could, as shown by a means test, afford to take on a larger share of Medicare costs. The reason for their prosperity is that they hold a high percentage of good pensions and investment vehicles that matured through a time of rising economic tides. However, politicians of both parties, fearing senior retribution at the polls, have essentially exempted this group from the impact of any suggested changes.

The next generation of retirees will not be so lucky. Pensions have all but disappeared in the private sector and are being cut back for most public employees. Few Americans are saving enough on their own to guarantee a comfortable retirement, and many will have to work as long as they are able. When they do retire, these folks will have medical needs but will have fewer resources than today’s seniors to pick up more of the Medicare tab. 

Anybody have a clever solution?

Jay Lamb, Fairfax

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While Charles Lane didn’t endorse the Medicare voucher system proposed by Rep. Paul Ryan (R-Wis.), he praised the plan’s comprehensiveness. Lost in this and all conversations about Mr. Ryan’s voucher system is an utter lack of acknowledgment that seniors, as they age, increasingly develop cognitive limitations. Because of this, many elderly people would have a hard time dealing with vouchers and comparison shopping for health insurance plans. The latter is a complex exercise, as many people who have done so recently can attest.

Penny Dash, Bethesda