The 2015 Elder Economic Security Standard Index: Geographic and demographic changes

Details

Serval ID
serval:BIB_8842A0711320
Type
Article: article from journal or magazin.
Collection
Publications
Institution
Title
The 2015 Elder Economic Security Standard Index: Geographic and demographic changes
Journal
Innovation in Aging
Author(s)
Li Yang, Ping Xu, Jan Mutchler, J Lyu
Publication state
Published
Issued date
2015
Peer-reviewed
Oui
Language
english
Abstract
The Elder Economic Security Standard Index (Elder Index) offers a cost of living standard for independent, community-dwelling older singles and couples nationwide, calculated for every county in the United States. The 2015 Elder Index follows a methodology consistent with that established in the 2011 Elder Index, and includes local cost of housing, food, transportation, healthcare, and other expenses. The poster presents updated values for the 2015 Elder Index. Geographic variability in Index values are described using Geographic Information System tools. Gaps between cost of living and the typical Social Security benefit are presented, reflecting spatial variation on how Social Security contributes to economic security. Spatial variation on the change of cost of living for seniors between the original 2011 Index values and the 2015 update is summarized. Hardship levels experienced by key demographic groups, as reflected by total income percentages below Index values, are presented. Annual costs of living for singles and couples aged 65 and older are calculated in three scenarios: homeowners with a mortgage, homeowners without a mortgage, and renters. The Index shows that such cost increased 1% - 7% from 2011 to 2015. National summaries suggest that for singles in good health, values range from $19,824 to $30,492; for couples, it ranges from $30,240 to $40,908. Single homeowners in good health and without a mortgage have the lowest cost ($19,824), an approximate 4% increase from 2011. Couple homeowners in poor health and with a mortgage have the highest cost ($44,916), an approximate 6% increase from 2011.
Create date
06/05/2024 23:20
Last modification date
10/05/2024 7:46
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