#USA #New York #Financial Security #Elder Index

New York's Seniors Losing Ground in Economic Security

A newly released report by the Center for Social and Demographic Research on Aging, part of the University of Massachusetts Boston’s Gerontology Institute, indicates a troubling trend regarding the economic security of older adults in New York. It estimates that approximately 860,000 residents are at a significant risk of financial insecurity. This data, presented in the report titled Late-life Financial Security in New York: Evidence from the 2024 Elder Index, was compiled with the support of the New York StateWide Senior Action Council and funded by the New York Community Trust.

The report underscores stark disparities in economic security based on gender, ethnicity, marital status, and geography, shedding light on the harsh realities facing many seniors. "As our population ages and the number of individuals over 65 continues to rise, we must ensure that programs and benefits are not only available but also accessible and appropriate for our aging population," stated María Álvarez, Executive Director of NYSSAC. She emphasized the importance of the Elder Index in illustrating the financial challenges experienced by older New Yorkers since 2009.

The Elder Index Explained

The Elder Index, which can be accessed at Elder Index, is produced annually by the Gerontology Institute of the University of Massachusetts Boston. This index is tailored for older adults living independently, contrasting with the federal poverty level (FPL) used to assess poverty and calculate benefits eligibility. Unlike the FPL, the Elder Index accounts for the variations in living costs across different communities and states.

The Elder Index estimates that an older adult in good health, living alone in a mortgage-free home, requires about $30,936 annually for basic needs. In contrast, a healthy couple owning a mortgaged home needs around $62,688 per year. Notably, the index excludes costs associated with long-term services and supports (LTSS), despite many seniors requiring assistance due to medical conditions or disabilities. In fact, the majority depend on unpaid care from family and friends.

Key Findings from the Report

The findings from New York reveal alarming statistics:

• - New York ranks as the fourth most expensive state for seniors, with exceptionally high costs in New York City, Long Island, and the Mid-Hudson region.
• - 59% of women living alone earn less than the Elder Index, compared to 49% of men and 26% of older couples.
• - High-risk groups include same-sex couples, people of color, individuals with disabilities, and older women.
• - Average Social Security benefits cover only 61% of the Elder Index, leaving seniors to find an additional $14,804 annually elsewhere.
• - Approximately 573,000 New Yorkers aged 65 and older find it very or somewhat difficult to meet ordinary household expenses.
• - 229,000 seniors struggle to keep up with rent or mortgage payments.
• - Over 800,000 elderly individuals report experiencing food insecurity.
• - Around 652,000 seniors expressed high anxiety due to rising costs.

These financial struggles result in various negative outcomes, including compromised nutrition, reduced medication adherence, exacerbation of chronic health conditions, and a higher risk of early mortality.

Understanding the