Elder Index

The Elder Economic Security Standard ^TM Index , or Elder Index is a measure of the cost of living of older adults in the United States .

It is calculated for each county in the United States and provides a realistic measure of the cost of living, which includes room, board, transportation, health care, and basic household items for older adults. The Elder Index is produced by the Gerontology Institute of the John W. McCormack Graduate School for Policy and Global Studies at the University of Massachusetts Boston .

history

The Elder Index was designed by Ellen Bruce and Laura Henze Russell at the Gerontology Institute, UMass Boston. The strategy used in calculating the Elder Index is based on a "family budget" approach, taking into account the characteristics and spending patterns of older households. As of 2011, the Elder Index has been calculated and distributed for each county in the United States.

main features

Some key features of the Elder Index include:

Appropriateness of income . The Elder Index is a realistic measure of income adequacy as opposed to various commonly used poverty measures that reflect income inequality .

Geographical specificity . The Elder Index scores show geographic variations in the cost of living across counties, states, regions, and across the United States.

Differences in health . Health expenditure differs between people with different health conditions. The Elder Index accounts for such differences and is calculated based on whether an older adult is in poor health, good health, or excellent health.

Differences in living conditions . Because the cost of living is very different for a homeowner and a tenant, the calculations for the Elder Index consider three living scenarios: homeowners with outstanding mortgages, homeowners without a mortgage, and tenants.

Independent living . The Elder Index describes how much it costs for an older one- or two-person household to live on a modest level and remain independent without financial support from needs-based programs.

Summary of the Elder Index 2016

At the national level in 2016, the Elder Index for older adults living in their own homes without a mortgage is $ 20,064 per year for a single older adult and $ 30,576 for an older couple living together in good health.
The index is higher for renters ($ 23,364 for singles and $ 33,876 for couples) and for those paying out a mortgage ($ 30,972 for singles and $ 41,484 for couples).
Geographically, much of the Northeast , West, Alaska, and Hawaii have cost of living between $ 21,396 and $ 33,276 for a single renter in good health. These are among the highest cost of living in the United States.
Estimates from the Elder Index 2016 also suggest that half of single adults and one in four older adults living in an elderly household with two people lack the financial means to meet basic needs.

Comparison with other measures

The Elder Index differs from traditional poverty policies in that it is based on the daily expenses of older adults and is a realistic measure of income adequacy . For example, the proportion of older adults living alone on an income below the federal poverty line averaged 18.8% in the entire United States in 2016; a further 34.2% live above the poverty line, but still have too little income to be economically secure.

Individual evidence

↑ ^a ^b ^c ^d ^e ^f Mutchler, Jan E., Li, Yang, Xu, Ping: Living Below the Line: Economic Insecurity and Older Americans Insecurity in the States 2016 . 2016 ( umb.edu [accessed October 22, 2017]).
^ Center for Social and Demographic Research on Aging, University of Massachusetts Boston, Gerontology Institute, University of Massachusetts Boston: The National Elder Economic Security Standard ™ Index: Methodology Overview . 2017 ( umb.edu [accessed October 22, 2017]).
↑ US Stumbles Toward Day of Reckoning with Rising Retirement Crisis - New America Media. Retrieved October 22, 2017 (English).
^ Paula Span: The Future: No Lattes, No Movies . In: The New York Times . ( nytimes.com [accessed October 22, 2017]).
^ For many Massachusetts elderly, financial security elusive - The Boston Globe . In: The Boston Globe . ( bostonglobe.com [accessed October 22, 2017]).

[:0-1] ↑ ^a ^b ^c ^d ^e ^f Mutchler, Jan E., Li, Yang, Xu, Ping: Living Below the Line: Economic Insecurity and Older Americans Insecurity in the States 2016 . 2016 ( umb.edu [accessed October 22, 2017]).

[2] Center for Social and Demographic Research on Aging, University of Massachusetts Boston, Gerontology Institute, University of Massachusetts Boston: The National Elder Economic Security Standard ™ Index: Methodology Overview . 2017 ( umb.edu [accessed October 22, 2017]).

[3] US Stumbles Toward Day of Reckoning with Rising Retirement Crisis - New America Media. Retrieved October 22, 2017 (English).

[4] Paula Span: The Future: No Lattes, No Movies . In: The New York Times . ( nytimes.com [accessed October 22, 2017]).

[5] For many Massachusetts elderly, financial security elusive - The Boston Globe . In: The Boston Globe . ( bostonglobe.com [accessed October 22, 2017]).