Older Americans Lack 'Social Capital' Necessary for Retirement

A report from the U.S. Joint Economic Committee found older Americans today have less of a social circle than previous generations, leaving many to resort to private care or government-paid resources, according to BenefitsPro . The report found private care — especially long-term care — can be prohibitively expensive, and government-paid resources such as Medicaid and Medicare are on an unsustainable path as their funding continues to be based on outdated assumptions that informal care is still more widely available. The report authors' analysis revealed that 69 percent of "retiring adults" in 2014 lived with a spouse or partner versus 75 percent of retiring adults in 1994. Retiring adults in 2014 also were less likely to live within 10 miles of an adult child than retiring adults in 1994.