NJ Elder Economic Security Index 2012 Update

Transcription

1 NJ Elder Economic Security Index 2012 Update NJ Foundation for Aging Grace Egan, Executive Director Melissa Chalker, Program Manager

2 What Does the NJ Elder Index Do? Provides important new information to illustrate the basic costs NJ seniors face and how their financial security is affected when their life circumstances change. Offers County specific educational tools for elders, family caregivers, baby boomers and younger workers to help them prepare fiscally for retirement. Provides a framework for analyzing the impact of local, state, and federal public policies and policy proposals in such areas as housing, retirement security, health, long-term care, and taxes. Offers a counseling tool for those working with elders in need of income supports and/or additional skill sets. Serves as a foundation for developing a State policy agenda and a platform for engaging in statewide advocacy.

3 Goals of the Elder Index To shift the dialogue from deprivation and poverty to economic security; To determine how well public policies can help seniors fill income gaps; To evaluate the ability of income support programs to move individuals towards economic security. The Elder Index was developed by Wider Opportunities for Women, a national organization. To learn about their work go to The NJ Foundation for Aging partnered with WOW in 2008 to bring this work to NJ.

4 Findings of the EI Research Social Security is the sole income for 25 % of NJ Elders. The Average Social Security in NJ benefit is $14,848 for a woman; $19,122 for a man. Average expenses for an elder renter =$27,960. Average expenses for a renter couple =$38,208. Single Renters more likely to be below the Index

5 FPL fails to capture all elderly folks grappling with inadequate incomes 45% 40% 42.6% 35% 30% 25% 20% 15% 10% 5% 0% Elder Couple + Living Alone 2012 Legal Services of New Jersey 7.2% Below FPL

6 Components of the index Housing=rent or mortgage, property taxes, utilities, etc. Food= basic meal plan Transportation= using a private car Healthcare= assumes good health, Medicare premium, Medi-gap policy and out of pocket costs Miscellaneous= other costs

7 NEW JERSEY STATEWIDE ELDER ECONOMIC SECURITY STANDARD INDEX, 2012 Report Elder Person (age 65+) Elder Couple (one age 65+) Monthly and Yearly Expenses Owner w/o Mortgage Renter, one bedroom Owner w/ mortgage Owner w/o Mortgage Renter, one bedroom Owner w/ mortgage Housing $871 $1,091 $1,871 $871 $1,091 $1,871 Food $243 $243 $243 $446 $446 $446 Transportation $202 $202 $202 $313 $313 $313 Health Care (Good Health) $442 $442 $442 $884 $884 $884 20% $352 $352 $352 $503 $503 $503 Index Per Month $2,110 $2,330 $3,110 $3,017 $3,237 $4,017 Index Per Year $25,320 $27,960 $37,320 $36,204 $38,844 $48,204

8 Rise in Statewide 2012 costs compared to New Jersey Elder Economic Security Standard Index Per Year Owner w/o Mortgage Elder Person Renter, Owner w/ one mortgage bedroom Owner w/o Mortgage Elder Couple Renter, Owner w/ one mortgage bedroom $23,452 $25,941 $33,570 $34,324 $36,813 $44, New Jersey Elder Economic Security Standard Index Per Year Owner w/o Mortgage Elder Person Renter, Owner w/ one mortgage bedroom Owner w/o Mortgage Elder Couple Renter, Owner w/ one mortgage bedroom $25,320 $27,960 $37,320 $36,204 $38,844 $48,204 Percentage of Increase from 2009 to % 8% 11% 5% 6% 8%

9 Atlantic Bergen Burlington Camden Cape May Cumberland Essex Gloucester Hudson Hunterdon Mercer Middlesex Monmouth Morris Ocean Passaic Salem Somerset Sussex Union Warren $35,000 Cost Comparison of Index Per Year for a Single Elder Renter in the Counties $30,000 $25,000 $20,000 $15,000 $10,000 $5,000 $0

10

11 New data in the 2012 Report Demographics formulated by Legal Services of NJ Poverty Research Institute Who and Where? Age Ethnicity Gender Housing status: Renter, Homeowner County specific data

12 How many Seniors are on the edge of poverty in NJ? NEW JERSEY ADULTS 65 YEARS & OVER LIVING BELOW ELDER INDEX Total Number of people over 65 in NJ: 1,208,498 Single & 2- Person Elder Households Total (Above & Below Elder Index) Below Federal Poverty Level (FPL) Above FPL and Below Elder Index Total Below Elder Index Number 592,729 42, , ,470 Percent 100% 7.2% 35.4% 42.6%

13 Oldest among the elderly are more 70% 60% 50% 40% 30% economically vulnerable Years % 50.2% 36.8% 25.1% 20% 10% 0% Elder Couple Living Alone

14 Elder Couple Households Below Index: By Race & Ethnicity 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 32.3% 38.1% 45.0% 59.2% White, Not Hispanic Asian Black, Not Hispanic Hispanic or Latino (of any Race)

15 Elders Living Alone Below Index: By Race & Ethnicity 90% 80% 70% 60% 55.0% 56.3% 71.9% 83.7% 50% 40% 30% 20% 10% 0% White, Not Hispanic Asian Black, Not Hispanic Hispanic or Latino (of any Race)

16 Morris Somerset Sussex Burlington Hunterdon Middlesex Ocean Monmouth Warren Bergen Mercer Cape May Union Camden Gloucester & Salem Passaic Atlantic Cumberland Essex Hudson 80% 70% County data-couples below the Index 60% 50% 40% 30% 20% 45% 40% 17% 21% 23% 23% 27% 27% 28% 28% 29% 29% 31% 31% 32% 32% 34% 34% 35% 23% 10% 0%

17 Burlington Cape May Hunterdon Sussex Cumberland Mercer Somerset Ocean Warren Union Atlantic Middlesex Morris Camden Monmouth Bergen Gloucester & Salem Passaic Essex Hudson County data- single elders 80% 74% 70% 67% 60% 50% 40% 42% 44% 45% 47% 48% 50% 54% 55% 55% 55% 56% 56% 57% 58% 59% 60% 61% 61% 30% 20% 10% 0%

18 Burlington Somerset Mercer Middlesex Atlantic Gloucester & Salem Union Camden Morris Passaic Ocean Essex Bergen Cumberland Hunterdon Monmouth Cape May Warren Hudson Renters Living Alone Below Index 100% 94% 90% 80% 70% 60% 54% 54% 63% 70% 72% 72% 72% 73% 77% 78% 80% 80% 81% 83% 84% 84% 84% 85% 50% 40% 30% 20% 10% 0% 2012 Legal Services of New Jersey

19 Looking at the needs of Single Elder Woman Renter living on average annual Social Security of $14,848 Elder woman receives the state average SS of $1237/mo and would be at 53% economic security. If she applies & receives the following it would bring her closer to 79% economic security. The only item that further closes the gap is affordable housing. * $14,848 is the average benefit, many elders receive less. Food Assistance: SNAP/MoW/Nutri.sites/Farmer Mrt. Coupon Rx Assistance: PAAD Medical Assistance: Medicare Savings Prog. (SLMB/QMB) Energy Assistance: HEA, Universal Service Fund, Lifeline Property Tax Assistance: Property Tax Credit

20 $2400 Monthly Elder Economic Security Index, $2,330 $2000 $1600 $1200 Property Tax Relief Energy Medical Rx Food Income $1,237 $1,521 $1,575 $1,671 $1,834 $1,838

21 The full NJ 2012 Report is available online with State and County specific data West State St, Trenton, NJ For reports on all the states go to