What Does the Elder Index Do? • Provides important new information to illustrate the basic costs seniors face and how their financial security is affected when their life circumstances change. • Offers educational tools for elders, family caregivers, baby boomers and younger workers to help them prepare fiscally for retirement. • Provides a framework for analyzing the impact of local, state, and federal public policies and policy proposals in such areas as housing, retirement security, health, long-term care, and taxes. • Offers a counseling tool for those working with elders in need of income supports and/or additional skill sets. • Serves as a foundation for developing a state policy agenda and a platform for engaging in statewide advocacy.
Goals of the Elder Index • To shift the dialogue from deprivation and poverty to economic security; • To determine how well public policies can help seniors fill income gaps; • To evaluate the ability of income support programs to move individuals towards economic security.
EI Research for Essex County Social Security is the sole income for 25 % of NJ Elders. The Average Social Security benefit is $14,328 for a woman; $17,772 for a man. Average expenses for an elder renter =$28,200 Average expenses for a renter couple =$39,048. Single Renters more likely to be below the Index
Essex County Elder Economic Security Standard Index, 2012 Report Elder Person (age 65+) Elder Couple (one age 65+) Renter, Monthly and Yearly Owner w/o Renter, one Owner w/ Owner w/o one Owner w/ Expenses Mortgage bedroom mortgage Mortgage bedroom mortgage Housing $1,063 $1,079 $2,151 $1,063 $1,079 $2,151 Food $243 $243 $243 $446 $446 $446 Transportation $197 $197 $197 $305 $305 $305 Health Care (Good Health) $442 $442 $442 $884 $884 $884 Miscellaneous @ 20% $389 $389 $389 $540 $540 $540 Index Per Month $2,334 $2,350 $3,422 $3,238 $3,254 $4,326 Index Per Year $28,008 $28,200 $41,064 $38,856 $39,048 $51,912
2009 costs compared to 2012 Essex County 2009 New Jersey Elder Economic Security Standard™ Index Per Year Elder Person Elder Couple Owner Renter, Owner w/ Owner Renter, Owner w/ w/o one mortgage w/o one mortgage Mortgage bedroom Mortgage bedroom $26,405 $38,580 $37,272 $35,661 $49,447 $24,794 2012 New Jersey Elder Economic Security Standard™ Index Per Year Elder Person Elder Couple Owner Renter, Owner w/ Owner Renter, Owner w/ w/o one mortgage w/o one mortgage Mortgage bedroom Mortgage bedroom $28,008 $28,200 $41,064 $38,856 $39,048 $51,912 Percentage of Increase from 2009 to 2012 6.1% 13.7% 6.4% 3.0% 9.5% 5.0%
How many Seniors are on the edge of poverty in Essex County? | ADULTS 65 YEARS & OVER LIVING BELOW ELDER INDEX Single & 2- Total Total Below Person Elder Above FPL Number (Above & Federal Total Below Households and Below of Below Elder Poverty Elder Index Elder Index people Index) Level (FPL) over 65 Essex Number 39,621 5,294 16,084 21,378 91,861 Percent 100% 13.4% 40.6% 54%
Oldest among the elderly are more economically vulnerable 80% Essex County 65-74 years 67.50% 70% 65.10% 75+ 60% 50% 44.20% 39% 40% 30% 20% 10% 0% Elder Couple Single Elder
Elders Below the Index by Race and Ethnicity 100.00% Essex 91% 89.9% 90.00% 80.1% County 80.00% 70.00% Percentages of 60.00% 54.5% single elders 52.1% and elder 50.00% Elder Couple couples in the 40.00% categories of Single Elder 30.1% Asian were 30.00% too small to calculate 20.00% 10.00% 0% 0% 0.00% White, not Asian Black, not Hispanic or Hispanic Hispanic Latino
Single Renter living on Social Security Elder woman receives… • Food Assistance : SNAP/MoW/Nutri.sites/ Farmer Mrt. Coupon • Rx Assistance: PAAD • Medical Assistance: Medicare Savings Prog. (SLMB/QMB) • Energy Assistance: HEA, Universal Service Fund, Lifeline • Property Tax Assistance: Property Tax Credit
$2400 Monthly Elder Economic Security Index, $2,330 $2000 Property Tax Relief Energy $1600 Medical Rx $1200 Food Income $1,237 $1,521 $1,575 $1,671 $1,834 $1,838
The full NJ 2012 Report is available online www.njfoundationforaging.org/issues.html 176 West State St, Trenton, NJ 08608 609-421-0206 www.njfoundationforaging.org For reports on all the states go to www.wowonline.org
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