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The Elder Economic Security Initiative for Pennsylvania

The Elder Economic Security Initiative for Pennsylvania. A Snapshot of PA’s Aging Population: Planning for Today and Tomorrow . With over 15% of the population 65 or over, Pennsylvania has the third largest aging population in the U.S.

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The Elder Economic Security Initiative for Pennsylvania

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  1. The Elder Economic Security Initiative for Pennsylvania

  2. A Snapshot of PA’s Aging Population: Planning for Today and Tomorrow • With over 15% of the population 65 or over, Pennsylvania has the third largest aging population in the U.S. • Social Security is the only source of income for 1 of out 4 retired Pennsylvanians. • Eight percent of Pennsylvania elders live below the Federal Poverty Level. • Over twelve percent of Pennsylvania elders live between 100-150% of the Federal Poverty Level.

  3. Quantifies the actual costs of basic expenses for older adults Looks at costs in every county in Pennsylvania Considers market costs of independent living Looks at elders beginning at age 65 Assumes elders are retired What Is theElder Economic Security Initiative? The Elder Economic Security Index: The new measure of income adequacy allows advocates to push for policy changes to improve living standards and economic security

  4. Pennsylvania Elders With Typical Incomes in Retirement Fall Short Of Economic Security

  5. The Realistic Cost of LivingSample rural, urban, suburban counties

  6. A Sample Case: The Elder Index in a Suburban PA County (Dauphin)

  7. How Does Income Measure Up in a Suburban PA County? Expenses for elders in this suburban PA county are far above the average Social Security payment in 2007.

  8. The Costs Increase: The Impact of Long-Term Care (LTC) at Home in a Suburban PA County

  9. The Impact of Supports for a Single Elder Renter Living on Average Annual Social Security ($11,425) in Dauphin County

  10. Who Can Use the Elder Index? • Advocates • Service Providers • Policymakers • Funders • Elders and their families

  11. How Can They Use the Index? • Benchmarking tool for policy planning • Guide for budget appropriations • Resource for setting eligibility levels • Care management tool • Educational tool • Resource for personal future planning

  12. Policy Recommendations • Defend retirement income • Support housing programs • Remove application barriers

  13. Policy Recommendations • Broaden and deepen outreach on income supports • Increase transportation access • Promote rational policymaking by using the Index

  14. Questions or Comments? For more information, please contact: PathWays PA –www.pathwayspa.org or email us at policy@pathways.pa.org CARIE –www.carie.org United Way of Southeastern PA –www.uwsepa.org Wider Opportunities for Women –www.wowonline.org

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