Elder Economic Security Initiativeâ„¢

1. Elder Economic Security Initiative™ Elders Living on the Edge Toward Economic Security for Connecticut’s Elders Stacy Sanders Field Manager Elder Economic Security Initiative ssanders@wowonline.org (202) 464-1596

2. 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;

3. 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.

4. 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.

5. 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.

6. Elders Living on the Edge: Policy Findings

7. Elders Living on the Edge: Policy Findings FINDING: Local Indexes composed of housing, food, health care transportation, and miscellaneous expenses vary widely among the five municipalities represented in the five Connecticuts.

8. 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).

9. Elders Living on the Edge: Policy Findings

10. 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.

11. 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).

12. 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!

13. Elders Living on the Edge: Case Study # 1

14. 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

15. Elders Living on the Edge: Case Study #1

16. Elders Living on the Edge: Case Study # 2

17. Elders Living on the Edge: Case Study # 2 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

18. Elders Living on the Edge: Case Study #2

19. Elders Living on the Edge: Policy Findings 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.

20. 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.

21. Elders Living on the Edge: Policy Findings

22. 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!