ELDERS LIVING ON THE EDGE Toward Economic Security for Connecticut’s Elders Elder Economic Security Initiative™ Stacy Sanders Field Manager Elder Economic

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.


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.



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.


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).



FINDING: FINDING: Across all of the representative

communities of the five Connecticuts, housing is

the greatest determinant of elder economic

security.


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


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



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


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.


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: 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!

Documents

ELDERS LIVING ON THE EDGE Toward Economic Security for Connecticut’s Elders Elder Economic Security Initiative™ Stacy Sanders Field Manager Elder Economic