Friday, September 17, 2010

Seniors' income up vs. other age groups: Older sector outearns those 15-24 for 1st time

USA Today reports:
Senior citizens are enjoying some of the biggest income gains in decades at a time when every other age group is losing ground in the recession, the Census Bureau reported Thursday.

The 31 million households headed by people 65 and older saw their median income rise by a healthy 5.8% in 2009 after inflation and 7.1% since the recession began in December 2007.

Every other age group has suffered income losses of at least 4% during the recession, the data show.

Seniors got a lift last year from a $250-per-person Social Security bonus included in the federal stimulus program. That helped boost income more than any year since 1973 and led to seniors out-earning 15-to-24-year-olds for the first time.
Imagine that.