MCOA is committed to working to reduce economic insecurity for the vast numbers of people who face serious and persistent economic insecurity every day. The Elder Economic Security Standard demonstrates the depth of elder insecurity in Massachusetts. The national Elder Economic Security Standard Index (Elder Index) is maintained by the Gerontology Institute at the University of Massachusetts Boston.
The 2 major findings of the Elder Index include:
- The average gap between the annual income and typical basic and necessary expenses for older adults age 65+ in Massachusetts is about $9,800/year. (Actual incomes and expenses vary by person, housing status, health status, and region of the state.)
- In 2016, 61% of all elder-only households in MA are economically insecure, meaning they don’t have enough income to cover all the basic and necessary monthly expenses related with housing, food, health care, transportation and common miscellaneous expenses.
MCOA will keep assembling and/or creating consumer outreach tools they you may download, modify with local details, and use in educational programming in your town.
Follow the links below to find fact sheets and other tool kits for providing information and enrollment assistance into myriad financial assistance programs – at the local and state levels.
5 Topic Areas under Elder Index Economic Insecurity