the elder economic security initiative for pennsylvania
TRANSCRIPT
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.
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.
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
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
Pennsylvania Elders With Typical Incomes in Retirement Fall Short Of Economic Security
$7,993
$11,679$12,525
$20,619
$15,615
Index for Renter, $17,277
Index for a Owner w/ Mortgage, $23,186
Index for Owner w/o Mortgage, $16,430
FPL, $10,400
SSI Standard Average SocialSecurity, Women
Average SocialSecurity, Men
Median Income inRetirement,
Women
Median Income inRetirement, Men
The Realistic Cost of Living Sample rural, urban, suburban counties
$16,353$20,588
$18,339
$24,657$27,438
$30,434
Fayette County(rural)
Philadelphia County(urban)
Dauphin County(suburban)
Single Elder Elder Couple
A Sample Case: The Elder Index in a Suburban PA County (Dauphin)
Monthly Expenses
Elder Person Elder Couple
Owner w/o Mortgage
Fair Market Rent 1BR
Owner w/o Mortgage
Fair Market Rent 1BR
Housing $420 $575 $420 $575
Food $215 $215 $395 $395
Transportation $141 $141 $226 $226
Health Care = Good $368 $368 $735 $735
Miscellaneous @ 20% $229 $229 $355 $355
Elder Index Per Month
$1,374 $1,528 $2,132 $2,287
Elder Index Per Year
$16,482 $18,339 $25,582 $27,438
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.
Comparative Income Elder Person w/o Mortgage
Elder Person, Renter
Federal Poverty Line 2007 $10,210 $10,210
SSI Payment-Maximum PA 2007
$7,476 $7,476
Average Social Security Payment in County 2007
$12,608 $12,608
Elder Economic Security Index
$16,482 $18,339
Index as % of Federal Poverty Guidelines
161% 180%
Average Social Security Payment as % of Index
76% 69%
The Costs Increase: The Impact of Long-Term Care (LTC) at
Home in a Suburban PA County
Need for Care
Low MediumHigh with Adult Day
Health
High w/o Adult Day
Health
Hours/ Week
6 hrs 16 hrs 36 hrs 36 hrs
Cost/ Year $6,514 $16,930 $25,636 $35,261
Index + LTC, Elder
Renter$24,853 $35,269 $43,975 $53,600
The Impact of Supports for a Single Elder Renter Living on Average Annual Social Security ($11,425) in
Dauphin County
Elder Standard Index (Expenses)
+ Food Stamps
+ Rx Assist.
+ Medical Assist.
+ Energy Assist.
+ Housing Assist.
Housing $575 $575 $575 $575 $562 $270
Food $215 $170 $170 $170 $170 $215
Transportation $141 $141 $141 $141 $141 $141
Health Care $368 $368 $304 $211 $211 $211
Miscellaneous@ 20%
$229 $229 $229 $229 $229 $229
Total Expenses (/mn)
$1,528 $1,483 $1,420 $1,326 $1,313 $1,066
Income (/mn) $952 $952 $952 $952 $952 $952
Economic Security 62% 64% 67% 72% 73% 89%
Who Can Use the Elder Index?
Advocates
Service Providers
Policymakers
Funders
Elders and their families
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
Policy Recommendations
Defend retirement income
Support housing programs
Remove application barriers
Policy Recommendations
Broaden and deepen outreach on income supports
Increase transportation access
Promote rational policymaking by using the Index
For more information, please contact:
PathWays PA – www.pathwayspa.org or email us at [email protected]
CARIE – www.carie.orgUnited Way of Southeastern PA – www.uwsepa.org
Wider Opportunities for Women – www.wowonline.org
Questions or Comments?