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Older Americans lack 'social capital' necessary for retirement

Older Americans today have less of a social circle than previous generations, leaving many to resort to private care or government-paid resources.

By Katie Kuehner-Hebert | January 29, 2019 at 09:41 AM
Old man on park bench “The decline in the availability of support from family, friends, neighbors and congregants among retiring adults has implications for future retirees, caregivers, and taxpayers,” analysts write. (Photo: Shutterstock)

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 the report, “An Invisible Tsunami: ‘Aging Alone’ and Its Effect on Older Americans, Families, and Taxpayers,” by Congressional Republicans on the Joint Economic Committee.

Problem is, private care — particularly 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resources such as Medicaid and Medicare are on an unsustainable path as their funding continues to be based on outdated assumptions that informal care is still more widely available, the Republicans write.

Related: Facing retirement in poverty, some Japanese choose prison instead

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