#USA #Albany #financial insecurity #Elder Economic Security #New York Seniors

New York Seniors' Financial Struggles

A recent study conducted by the Center for Social and Demographic Research on Aging at the University of Massachusetts Boston highlights a troubling trend among older adults in New York: financial insecurity is on the rise. Approximately 860,000 senior citizens in the state are facing significant economic challenges, as indicated in the 2024 Elder Economic Security Index report underwritten by the New York State Senior Action Council (NYSSAC).

Key Findings of the Report

The report, entitled "Late-life Financial Security in New York: Evidence from the 2024 Elder Index," reveals that seniors from diverse backgrounds and regions experience varying degrees of economic hardship. Notably, gender, ethnicity, marital status, and geographic location all play critical roles in determining financial stability.

Maria Alvarez, the Executive Director of NYSSAC, states, "As our population ages, it's imperative that we ensure that benefits and programs are tailored to meet the specific needs of our seniors." Since 2009, the NYSSAC has utilized the Elder Economic Security Index to highlight the stark realities faced by older New Yorkers.

The Elder Index is an essential tool that serves as an adequacy benchmark for older adults living independently. Unlike the federal poverty level (FPL)—which falls short in accounting for the cost of living variations across regions—the Elder Index assesses what older individuals truly need to sustain themselves.

According to the findings, an individual who is in good health and lives alone can expect to need around $30,936 annually to meet their basic needs. Conversely, an older couple in similar health should anticipate annual expenses of approximately $62,688. It's important to note that these figures do not include costs associated with long-term care, which many seniors require yet often do not receive because they rely on unpaid assistance from family members and friends.

Economic Disparities

Dive deeper into the statistics, and alarming patterns emerge:

• - New York ranks as the fourth most expensive state for older adults.
• - 59% of women living alone have incomes that fall short of the Elder Index, alongside 49% of men and 26% of older couples.
• - Populations at an increased risk of falling below the Elder Index include same-sex couples, people of color, individuals with disabilities, and older women.

Unfortunately, many seniors rely heavily on Social Security benefits. However, on average, these benefits only cover about 61% of the Elder Index, leaving a significant gap of around $14,804 that seniors must find from other income sources annually. This inadequate support has resulted in:

• - 573,000 New Yorkers aged 65 and older experiencing challenges in covering daily household expenses.
• - 229,000 elderly residents facing difficulties in paying rent or mortgages.
• - Over 800,000 seniors reporting food insecurity, with 652,000 experiencing high anxiety about price increases.

Navigating the Financial Gap

For New Yorkers with incomes below the Elder Index, public assistance programs are crucial for maintaining an adequate standard of living. Programs like Supplemental Security Income, Cash Assistance, Supplemental Nutrition Assistance (SNAP), Home Energy Assistance (HEAP), Medicaid, and the Medicare Savings Program form the bedrock of financial support for many seniors.

Alvarez emphasizes, "With the older population projected to grow significantly in the coming years, we must prepare for rising demand for support and devise strategies that bolster financial security for our aging citizens."

Call to Action

With potential cuts to these essential programs looming on both state and federal levels, Alvarez has voiced deep concerns that more seniors could struggle to maintain a reasonable quality of life. "We urge both state and federal governments to enhance funding for our seniors, enabling them to live their lives with the dignity and comfort they deserve."

The complete findings from the 2024 Elder Index report can be found at the NYSSAC's dedicated resource page. It’s crucial that we remain informed and proactive about these issues affecting an ever-growing segment of our society.