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December 03, 2001 at 07:00 PM
NU Online News Service, Dec. 3, 3:15 p.m. – The U.S. General Accounting Office says private financial institutions have contributed to the improving fnances of U.S. residents over age 65.
Ninety percent of elderly U.S. couples received Social Security benefits in 1998, up from 69% in 1962, and none in 1937, when the program was founded, GAO researchers report.
But the percentage of elderly couples receiving pension benefits has also increased, to 43% in 1998, from 18% in 1962 and only 5% in 1937, the researchers write.
The share of couples getting “asset income” increased to 63%, from 54% in 1962 and 15% in 1937.
