Which of the following statements most accurately captures the financial status of older adults in the United States?
A) The percentage of older people living below the poverty level has been increasing.
B) The financial needs of most older adults are well met by Social Security income alone.
C) The recent decline in housing prices has made many older adults "asset rich and cash poor.".
D) Women 65 years of age and older is the fastest growing group of employment.
C
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The percentage of older people living below the poverty level has been declining, with about 10% now falling into this category. Most older people depend on Social Security for more than half of their income. Although the median net worth of older households is nearly twice the national average because of the high prevalence of home ownership by elders, many older adults are "asset rich and cash poor.". The recent decline in housing prices, however, has made that asset a less valuable one for many older adults. There has been a significant rise in the percentage of middle-aged women who are employed, although there has been little change in the labor force participation of women 65 years of age and older.
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