2021 New York State Elder Economic Security Index Issued Report Shows More Seniors (65+) Falling Into Economic Insecurity The Index is Available for Every County/Municipality in the State

ALBANY, N.Y., Sept. 8, 2022 /PRNewswire/ -- The New York StateWide Senior Action Council (StateWide) today announced the results of its 2021 Elderly Economic Security Index (EESI) conducted in partnership with the National Coalition on Aging and the Gerontology Institute of the University of Massachusetts.

The results were released in conjunction with StateWide's 50^th Anniversary celebration and convention in Saratoga Springs, September 12-14.

The EESI calculates the average cost of living for New York Seniors to remain living independently in their chosen communities. The Index is specific to household size, location, housing type and health status.

• Housing
• Healthcare
• Food and miscellaneous expenses

• Singles vs. couples
• Homeowners vs. renters and,
• Three levels of health; fair/poor, good, very good/excellent

"The EESI is a powerful tool when we advocate for programs that preserve or enhance the quality of life for New York's seniors," stated Maria Alvarez, StateWide's Executive Director in announcing the EESI's results.

• Of New York's 3,221,702 seniors, 11.5% or 370,495 fall below the poverty line
• 57.1% or 389,391 are rent burdened* and
• 31% of homeowners are ownership burdened*

*30 percent of income or more is spent on housing

The 2021 EESI Index also revealed that most older Americans, especially Blacks and Hispanics, were mostly likely to be more financially burdened by the COVID-19 Pandemic and inflation. Fully 19% of senior Americans were forced to use all or most of their savings or lost a source of income during that year.

Nationally, the 2021 Index found that Social Security Benefits cover only 68% of senior's basic living costs for a single renter and 81% for a senior couple. And approximately 25% of seniors rely on Social Security benefits for 90% of their total income.

"This reality goes against the intended purpose of Social Security as a supplemental form of income. These seniors who almost solely rely on SS benefits cannot afford today's rising costs let alone their basic living expenses," stated Alvarez.

In New York, 15 counties fall below the national average of 68%. The counties with the least coverage, the Bronx, Queens, and Kings fall below 50%. By contrast, the top New York County is Onondaga, where 82.3% of basic expenses are covered by Social Security.

"Today's economic crisis creates a renewed opportunity to raise awareness of the plight of seniors not only in New York but nationally," stated Alvarez.

"We made this framework and data available to support work already underway to inspire new and innovative ways to give our seniors the quality of life and dignity they deserve," she added.

StateWide is advocating 200 per cent of the Federal Poverty Level for a senior to qualify for life saving benefits and programs. Currently the rates are $13,590 for individuals and $18,310 for couples in 48 states and the District of Columbia, excluding Hawaii and Alaska.

"With a 9 per cent inflation rate in 2021, the figures in this index are a conversation starter in our efforts to attain economic security for the elderly population in New York State, "Alvarez stated.

Go to the main menu - Senior Issues. Under the Senior Issues dropdown menu, can click on Elder Economic Security Issues.

www.elderindex.org contains state, county, and metropolitan area data for the 2021 Elder Index, last updated on November 5, 2021

SOURCE New York StateWide Senior Action Council, Inc.