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Elder Economic Security Initiative™ Presentation of Findings Stacy Sanders Ellen Bruce Field Manager Associate Director Elder Economic Security Initiative Gerontology Institute Wider Opportunities for Women University of Massachusetts – Boston 202-464-1596 617-287-7315

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elder economic security initiative

Elder Economic Security Initiative™

Presentation of Findings

Stacy Sanders Ellen Bruce

Field Manager Associate Director

Elder Economic Security InitiativeGerontology Institute

Wider Opportunities for Women University of Massachusetts – Boston

202-464-1596617-287-7315

ssanders@wowonline.orgEllen.Bruce@umb.edu

elder economic security initiative findings
Elder Economic Security Initiative™ Findings

Today’s Goals:

  • To provide an overview of findings of the Connecticut Elder Index
  • To provide an overview of the policy analysis findings of “Elder Living on the Edge”
elder economic security standard index
Elder Economic Security Standard Index™

Components of the Index:

Housing

Food

Transportation

Health Care

Miscellaneous

Add-On to the Index: Home and Community-Based Long Term Care Packages

the five connecticuts concept
The “Five Connecticuts” Concept
  • Demographers at the University of Connecticut State Data Center (CtSDC) developed five groupings of Connecticut towns, based on common social and economic conditions, including:
    • Income
    • Poverty
    • Population Density
the five connecticuts concept6
The “Five Connecticuts” Concept
  • The Elder Economic Security Standard™Index presents five towns, one in each of these groupings:
    • Urban Core
    • Urban Periphery
    • Suburban
    • Wealthy
    • Rural
summary of index findings
Summary of Index Findings
  • Costs are lowest for people who live in their own homes with mortgage paid off
  • Costs are highest for people who are still paying off a mortgage
  • For singles, housing is the highest cost and health care is the second most sizable cost
  • For couples, health care can be the highest cost
add on annual long term care costs12
Add-On: Annual Long Term Care Costs
  • Annual Statewide Index + Add-On Long Term Care =
elders living on the edge policy findings
Elders Living on the Edge: Policy Findings

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 findings14
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 40% of Connecticut’s older women rely almost entirely on Social Security.
elders living on the edge policy findings16
Elders Living on the Edge: Policy Findings

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 findings17
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
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 120
Elders Living on the Edge: Case Study # 1

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 policy findings22
Elders Living on the Edge: Policy Findings

FINDING: 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 concluding remarks
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!