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Chapter 3

2005).Attheendof the20thcentury,most
elderlypeopledidnotrelyontheirloved
onesforfinancialsupport.Instead,national
averagessuggestSocialSecurityprovided
thelargestshareof income(about40%)
withpersonalincome,pensions,andassets
makinguptheother60%(Heetal.,2005).
Itisimportanttokeepinmindthisvaries
byrace,education,andprevious
socioeconomiclevel,withsomepeople
relyingmoreheavilyonSocialSecurityfor
incomeintheiroldagethanothers.The
majorityof elderlyattheendof thecentury
diedinhospitalsandnursingfacilities,not
intheirownhomes(Hungerford,Rassette,
Iams,&Koenig,2002).

The Economy

Inthefirsthalf of the20thcentury,the

UnitedStatesweatheredtwoworldwars

andtheGreatDepression.Inthesecond

half,thiscountryovercamechallenges

rangingfroma40yearColdWarwiththe

SovietUniontoextendedperiodsof sharp

inflation,highunemployment,and

enormousgovernmentalbudgetdeficits.

Thenationfinallyenjoyedaperiodof

economiccalminthe1990s:priceswere

morestable,unemploymentdroppedtoits

lowestlevelinalmost30years,the

governmentannouncedabudgetsurplus,

andthestockmarketexperiencedan

unprecedentedboom.

However,as it relates to family,the

economy at the end of the 20th century

and the beginning of the 21st century

offers less security and poses more

competition for workers than it did

previously.Americans face modest pay

increases which frequently fail to keep up

with the cost of living.Educational

requirements and job training have

increased,many times forcing young

people to delay marriage in order to

prepare for careers.While not as great as

in other countries,the income disparity

between classes continues to increase as

we move into the early 21st century.

Workers at the dawn of the 21st century

find themselves facing two dismal

prospects: career plateauing and the

potential for midlife layoffs.

Medical advances have increased the life

expectancy of Americans allowing them to be

more active and enjoy their “golden years.”

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