A central worry of many Americans is not having enough money to live comfortably in old age. Indeed, about 46 percent of senior citizens in the United States have less than $10,000 in financial assets when they die. Most of these people rely almost totally on Social Security payments as the only formal means of support, according to the newly published study, co-authored by James Poterba of MIT, Steven Venti of Dartmouth College, and David A. Wise of Harvard University. That means many seniors have almost no independent ability to withstand financial shocks, such as expensive medical treatments that may not be covered by Medicare or Medicaid, or other unexpected, costly events.Read more from MIT.
According to the Administration on Aging (AoA) website, 9.3% of 65+ population in OK in 2010 lived below poverty.