Financial Status of Older Americans Aged 70 and Above: A comparison of successive age cohorts

Using data from the 1994 Survey of Asset and Health Dynamics among the Oldest Old (AHEAD), this study examines the economic status of older individuals aged 70 or older, while comparing income sources and financial portfolios across four age cohorts (70-74, 75-79, 80-84, and 85 or older). Ordinary least squares (OLS) regression analyses with dummy variables for age were used to identify the effects of different age cohorts on the level of financial assets, home equity, and net worth. Older individuals aged 85 and older had significantly lower net worth than did those aged 70-74 older. This study further investigates the factors influencing the level of net worth for each of the four age groups. Implications and conclusions are drawn based on the findings of the study.

Old Age/Net Worth/Racial Differences/Assets

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