1 in 5 elderly Americans die broke
A new report looked at the financial health of Americans at the end of their lives and found that over 20 percent had no assets apart from their houses – and 12 percent had no assets left at all.
The report found that one in five Americans who died at age 85 and older between 2010 and 2012 had no assets apart from a house. That house had an average worth of $141,000 for couples and $83,000 for single individuals. One in eight had no household assets at all.
Those who died younger, between the ages of 50 and 64, were generally worse off. Almost 30 percent of households that lost a family member had no assets left. For singles who died at age 85 or above, nearly 10 percent had an outstanding debt other than mortgage debt, with the average amount of debt over $6,000.