elders living on the edge toward economic security for connecticut’s elders elder economic...
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ELDERS LIVING ON THE EDGEToward Economic Security for Connecticut’s Elders
Elder Economic Security Initiative™
Stacy SandersField ManagerElder Economic Security Initiative [email protected](202) 464-1596
Introducing A Benchmark for Economic Security
The Index allows us to:
Quantify elder economic security;
Break down the components of elders’ basic
expenses;
Measure the gaps between income and
economic security;
Introducing A Benchmark for Economic Security
The Index allows us to:
Determine how well public policies can help fill
income gaps;
Evaluate the ability of income support programs to
move individuals towards economic security; and
Measure returns on public investment in such
programs.
Elders Living on the Edge: Policy Findings
FINDING: FINDING: Social Security payments alone fail to
provide economic security. Furthermore, even
those with retirement incomes that include
individual retirement accounts, private savings
and pensions may fall short of economic security.
Elders Living on the Edge: Policy Findings
Though never intended to be the sole source of
income in retirement, nearly 20% of
Connecticut elders and nearly half of
Connecticut’s older women rely almost entirely
on Social Security.
Elders Living on the Edge: Policy Findings
Elders Living on the Edge: Policy Findings
FINDING: FINDING: Local Indexes composed of housing,
food, health care transportation, and
miscellaneous expenses vary widely among the
five municipalities represented in the five
Connecticuts.
Elders Living on the Edge: Policy Findings
For instance, there is a cost difference of more
than $11,000 for a single older homeowner
living in Putnam (Rural) versus a single older
renter in Westport (Wealthy).
Elders Living on the Edge: Policy Findings
Elders Living on the Edge: Policy Findings
FINDING: FINDING: Across all of the representative
communities of the five Connecticuts, housing is
the greatest determinant of elder economic
security.
Elders Living on the Edge: Policy Findings
More than one in five (22%) older Connecticut residents are paying off mortgages. These elders will spend nearly two and half times more on housing than older homeowners without a mortgage.
Typical monthly rent for a 1-bedroom apartment varies across Connecticut, from $681 in Putnam (Rural) to $1314 in Westport (Wealthy).
Elders Living on the Edge: Program Modeling
Evaluating the Impact of Support Programs:
Consider incomes common in a given community.
Examine the individual and cumulative impact of
the program’s benefits on overall economic
security.
Using the Index as a benchmark for evaluation!
Elders Living on the Edge: Case Study # 1
Elders Living on the Edge: Case Study # 1
Elder woman receives… Elder woman receives… • Food Assistance: SNAP/Food Stamps
• Rx Assistance: Low Income Subsidy of Medicare Part D
• Medical Assistance: Medicare Savings Program (QMB)
• Energy Assistance: CEAP
• Housing Assistance: HUD Voucher Program, RAP or
Elderly-RAP
Elders Living on the Edge: Case Study #1
Elders Living on the Edge: Case Study # 2
Elders Living on the Edge: Case Study # 2
Elder woman receives… Elder woman receives… • Income Support: Supplemental Security Income (SSI) +
State Supplement to SSI (SSP)
• Food Assistance: SNAP/Food Stamps
• Rx Assistance: LIS
• Medical Assistance: Medicaid
• Energy Assistance: CEAP
• Housing Assistance: HUD, RAP or E-RAP
Elders Living on the Edge: Case Study #2
Elders Living on the Edge: Policy Findings
FINDING: FINDING: Both case studies show that housing,
income and medical assistance are the public
supports most effective in filling the gap between
incomes and the cost of living for older adults.
Elders Living on the Edge: Policy Findings
Eligibility for these programs begins to fall off as incomes exceed the Federal Poverty Level (amounting to $10,400 per year in 2008 for an individual; $10,830 in 2009).
Thus, single elders who are technically “not poor,” yet fall below economic security, do not qualify for some assistance and receive limited support from programs providing aid on a sliding scale.
Elders Living on the Edge: Policy Findings
Elders Living on the Edge: Concluding Remarks
Today’s economic crisis creates a renewed opportunity to raise awareness about these issues and promote positive change for elders across Connecticut. We make this framework and these tools available to support the great work you’re already doing
and to inspire new and innovative thinking!
THANK YOU! We look forward to working with you!