As an expert in the field of senior demographics, I have seen firsthand the growing population of seniors in Camden County, New Jersey. With this growth comes questions about the financial stability of this demographic, especially during retirement. In this article, I will delve into the average income for seniors living in Camden County and the various factors that may contribute to this number.
The Demographics of Seniors in Camden County
According to recent data from the U. S.Census Bureau, there are approximately 100,000 seniors aged 65 and over residing in Camden County. This accounts for about 16% of the total population in the county. The majority of these seniors are white (around 70%), followed by African American (about 20%), and Hispanic (about 10%). The median age for seniors in Camden County is 72 years old. When it comes to gender, there is a slight difference between male and female seniors in Camden County.
About 45% are male and 55% are female, which aligns with national trends where women tend to live longer than men.
The Average Income for Seniors in Camden County
Based on data from the U. Census Bureau, the average income for seniors living in Camden County is $45,000 per year. While this is slightly lower than the national average for seniors (around $50,000 per year), it is important to note that this number can vary greatly depending on factors such as education level, employment status, and location within the county. One factor that may contribute to the lower average income for seniors in Camden County is education level. According to data from the U.Census Bureau, only about 25% of seniors in Camden County have a bachelor's degree or higher, which is lower than the national average of about 30%. Higher education levels often lead to higher paying jobs and can greatly impact an individual's income during retirement. Another factor that may impact the average income for seniors in Camden County is employment status. The U. Census Bureau reports that about 20% of seniors in Camden County are still employed, slightly lower than the national average of about 25%.
Many seniors continue to work during retirement to supplement their income, and those who are still employed may have a higher average income compared to those who are not. Location within the county can also play a role in the average income for seniors. While the median household income in Camden County is around $70,000 per year, this number can vary greatly depending on which city or town within the county you reside in. For example, the median household income in Cherry Hill, one of the more affluent areas in Camden County, is around $100,000 per year.
Factors That May Impact Income for Seniors
In addition to education level, employment status, and location within the county, there are other factors that may impact the average income for seniors in Camden County. These include health status, marital status, and retirement savings. Health status can greatly impact an individual's income during retirement.Census Bureau, about 25% of seniors in Camden County have a disability. This can make it difficult for them to work and earn an income during retirement. Additionally, health care costs can also eat into a senior's income, especially if they have chronic health conditions that require ongoing treatment. Marital status can also play a role in the average income for seniors in Camden County. Census Bureau reports that about 40% of seniors in Camden County are widowed, which can greatly impact their income as they may have relied on their spouse's income during retirement.
Divorced or single seniors may also have a lower average income compared to those who are married. Retirement savings is another important factor to consider when looking at the average income for seniors in Camden County. Census Bureau, about 30% of seniors in Camden County rely on Social Security as their primary source of income. This can be a challenge for those who did not save enough for retirement or who experienced financial setbacks during their working years.
Resources Available for Seniors in Camden County
For seniors living in Camden County, there are resources available to help with financial stability and support. These include programs such as Social Security, Medicare, and Medicaid.There are also local organizations and non-profits that offer assistance with housing, food, and other basic needs. Additionally, there are resources available specifically for low-income seniors in Camden County. These include programs such as the Supplemental Nutrition Assistance Program (SNAP), which provides food assistance, and the Low-Income Home Energy Assistance Program (LIHEAP), which helps with heating and cooling costs.
In Conclusion
The average income for seniors living in Camden County, New Jersey is $45,000 per year. However, this number can vary greatly depending on factors such as education level, employment status, and location within the county. As an expert, I advise seniors to plan and save for retirement to ensure financial stability during this stage of life.There are also resources available to help support seniors in Camden County who may be facing financial challenges.
