The challenging goal of elder economic security – having enough income to live independently and afford a no-frills budget in later life — is dramatically more difficult for older adults of color across America, new research from the University of Massachusetts Boston shows.
Half of all older adults living alone and 23 percent of older couples are unable to achieve that goal and live with some degree of economic insecurity, according to the McCormack Graduate School’s Gerontology Institute. A new report calculating racial disparities within those numbers shows rates of economic insecurity among Black, Latino and Asian older adults far exceeding those of white adults and the overall national average.
The report also details the economic insecurity levels of older adults of color in individual states and the states in which racial disparities are greatest.
“Economic security is a serious problem for older adults across the United States,” said professor Jan Mutchler, the lead author of the UMass Boston report. “But the situation is much more dire among older adults of color and the economic impact of the COVID-19 pandemic has almost certainly made their economic circumstances even worse.” Continue reading
This is the first in a series of stories about how people across the country are using the Elder Index to understand the true cost of living for older adults and its economic implications. If you know someone who would like to receive information about these stories, send us a note at email@example.com.
By Taryn Hojlo
The Alamo Area Agency on Aging has a lot of ground to cover.
The agency serves a dozen rural Texas counties surrounding San Antonio. About a half-million people live in those counties, a combined territory larger than the states of Connecticut, Rhode Island and Delaware put together.
Trina Cortez was beginning to work on a draft of the Alamo AAA’s upcoming bi-annual area report and she wanted to track correlations between the level of elder expenses and service referrals for members. To do that, she needed a source that could accurately calculate the true cost living for older adults in individual counties.
The agency had struggled to make assessments like that in their previous plans. Then, Cortez discovered the Elder Index. Continue reading
Editor-in-chief Edward Alan Miller
The impact of the COVID-19 pandemic on older adults around the world has been nothing short of breathtaking. Like any sudden crisis, it begs a few common questions: What actually happened and how did we respond? What lessons should we take from that experience? And, most importantly, what do we do now?
In a special double-issue of the Journal of Aging and Social Policy, dedicated to the COVID-19 pandemic crisis, leading gerontology researchers tackle those questions from a wide range of perspectives. The issue, Older Adults and COVID-19: Implications for Aging Policy and Practice, offers 28 scholarly articles available online free of charge.
“The COVID-19 pandemic has devastated populations and economies globally but older adults have been particularly hard hit, due both to direct exposure to the virus itself and to the adverse consequences of efforts taken to mitigate its effects,” said Edward Alan Miller, a University of Massachusetts Boston gerontology professor and JASP’s editor-in-chief. Continue reading
This article originally appeared in The Conversation, an independent and nonprofit source of news, analysis and commentary from academic experts.
The U.S. population is aging at such a rate that within a few years, older Americans will outnumber the country’s children for the first time, according to census projections. But rising rents, health care and other living costs mean that for many entering their retirement years, balancing the household budget can be a struggle.
To get a better understanding of how much of a struggle, a team at the University of Massachusetts Boston established a benchmark against which to measure the financial security of Americans aged 65 and over. Jan Mutchler is Professor of Gerontology and Director of the Center for Social and Demographic Research on Aging in the Gerontology Institute at UMass. Continue reading
Researchers tracking the economic security of America’s older adults have found that half who live alone and nearly a quarter of those living in two-person households where both are age 65 or older are unable to afford basic necessities without extra assistance.
The 2019 Elder IndexTM and a companion report, Insecurity in the States 2019, calculates the elder economic “insecurity rate” both nationally and on a state-by-state basis. The new index data and report were produced by the Gerontology Institute at the University of Massachusetts Boston’s McCormack Graduate School.
Among the states, Massachusetts leads the nation with the highest level of elder economic insecurity for older adults living alone. Seven of the top 10 states in that economic insecurity category, including New York and New Jersey, were located in the Northeast. They were joined by Mississippi, Louisiana, and California. Continue reading
The new 2019 Elder Index is an important, free resource available to anyone online. It provides information about elder cost of living across the United States. Here are the answers to some questions you may have.
Q: What’s new about the Elder Index?
A: The 2019 Elder Index is fully updated with new data on the realistic cost of living for older adults. It’s the Index’s first big information update since 2016. The index also has a redesigned, easy-to-use website and a new location online, at www.elderindex.org.
Q: What’s special about the information the index can provide?
A: The Elder Index provides economic information that is both broad and deep. The Congressional Budget Office cites the Elder Index as one of the most commonly used measures of retirement adequacy, noting that it is the only adequacy measure oriented specifically to older people and takes into account the unique demands of housing and medical care on older budgets. Continue reading
Massachusetts is home to the nation’s highest percentage of older adults living alone who are unable to afford basic necessities without extra assistance, according to new research from UMass Boston’s Gerontology Institute.
About 62 percent of adults age 65 and older in Massachusetts are unable to afford the cost of a no-frills lifestyle that pays for basics such as food, housing, health care and transportation, according to a new report, Insecurity in the States 2019.
About 35 percent of Massachusetts elder couples living in two-person households are unable to afford their basic cost of living without assistance, the third highest rate in the nation, the report found. Only Vermont and New York had higher rates for older couples living independently. Continue reading