What Does the Elder Index Do? Provides important new information to - - PowerPoint PPT Presentation

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What Does the Elder Index Do? Provides important new information to - - PowerPoint PPT Presentation

Oct 21, 2022 28 likes •145 views

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

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  • 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.

What Does the Elder Index Do?

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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.

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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

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Essex County Elder Economic Security Standard Index, 2012 Report

Elder Person (age 65+) Elder Couple (one age 65+)

Monthly and Yearly Expenses

Owner w/o Mortgage Renter, one bedroom Owner w/ mortgage Owner w/o Mortgage Renter,

  • ne

bedroom Owner w/ 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

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2009 costs compared to 2012 Essex County

2012 New Jersey Elder Economic Security Standard™ Index Per Year Elder Person Elder Couple Owner w/o Mortgage Renter,

  • ne

bedroom Owner w/ mortgage Owner w/o Mortgage Renter,

  • ne

bedroom Owner w/ mortgage

$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%

2009 New Jersey Elder Economic Security Standard™ Index Per Year Elder Person Elder Couple Owner w/o Mortgage Renter,

  • ne

bedroom Owner w/ mortgage Owner w/o Mortgage Renter,

  • ne

bedroom Owner w/ mortgage $26,405

$24,794

$38,580 $37,272 $35,661 $49,447

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How many Seniors are on the edge of poverty in Essex County?

Total Number

  • f

people

  • ver 65

Essex

91,861

Single & 2- Person Elder Households

Total (Above & Below Elder Index) Below Federal Poverty Level (FPL) Above FPL and Below Elder Index Total Below Elder Index

Number 39,621 5,294 16,084 21,378 Percent 100% 13.4% 40.6% 54%

| ADULTS 65 YEARS & OVER LIVING BELOW ELDER INDEX

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Oldest among the elderly are more economically vulnerable

39% 65.10% 44.20% 67.50% 0% 10% 20% 30% 40% 50% 60% 70% 80% Elder Couple Single Elder 65-74 years 75+

Essex County

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Elders Below the Index by Race and Ethnicity

30.1% 0% 54.5% 89.9% 52.1% 0% 80.1% 91% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% 70.00% 80.00% 90.00% 100.00% White, not Hispanic Asian Black, not Hispanic Hispanic or Latino Elder Couple Single Elder

Essex County

Percentages of single elders and elder couples in the categories of Asian were too small to calculate

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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
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$1,237 $1,521 $1,575 $1,671 $1,834 $1,838

Property Tax Relief Energy Medical Rx Food Income

Monthly Elder Economic Security Index, $2,330

$1200 $1600 $2000 $2400

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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