Elder Economic Security Initiative™

1. 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

2. 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”

3. 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

4. Connecticut Statewide Index

5. 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

6. 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

7. Example: Urban Periphery (Manchester)

8. Example: Rural (Putnam)

9. Example: Wealthy (Westport)

10. 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

11. Add-On: Annual Long Term Care Costs

12. Add-On: Annual Long Term Care Costs • Annual Statewide Index + Add-On Long Term Care =

13. 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.

14. 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.

15. Elders Living on the Edge: Policy Findings

16. 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.

17. 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).

18. 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!

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

20. 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

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

22. 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.

23. 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!