North Carolina – A new study shows North Carolina ranked No. 6, when it comes to seniors having a negative impact on the state’s economy.
Baby boomers are retiring in record numbers, depending on Social Security and Medicare, and putting a major strain on federal and state budgets, which shouldn’t be as they paid for years into the system. Alas, politicians spent the money instead of placing away for now retiring workers. At the same time, a record number of seniors are working and contributing to the economy.
SeniorLiving.org today released a study on the Economic Impact of Seniors by State using the most recent data from the Census Bureau.
The rankings were based on four factors. Here they are and where the state ranks among the other states:
1. Income: Percentage of seniors with household income of $60,000 or more (national median):
North Carolina: 30%, ranked No. 36
2. Employment: Percentage of seniors in the workforce:
North Carolina: 26.5%, ranked No. 40
3. Healthcare: Percentage of seniors with Medicare coverage:
North Carolina: 59%, ranked No. 41
4. Poverty: Percentage of seniors receiving SNAP or food stamps:
North Carolina: 15%, ranked No. 50
Several interesting national findings:
Nearly Half: Seniors caused a net economic loss in 26 states but had a net benefit in 24 states
Regional Averages: Northeast (+2.1) West (+1.8) Midwest (-1.5) South (-4.5)
15 States: Are within a couple of percentage points of being balanced
The study did not take into account the cultural impact of seniors. For the complete report and the numbers click here.