Profile of Judy Tegtman
Profile: Judy Tegtman
Judy Tegtman is a case manager who works with elders in Dane County, Wisconsin. Her job is to help older adults find services and resources to age in place and remain independent. During these tough economic times, Judy sees many of her clients struggle to make ends meet due to a lack of finances.
One of Judy’s clients is an 80-year old woman who receives just $400 a month in Social Security payments. From working hard and sacrificing, Judy’s client was able to pay off her small home and save $30,000 for retirement. Prior to the economic crisis, Judy’s client was using a small amount of her interest each month to make ends meet. The volatile stock market however, recently caused her client to lose $10,000 of her savings. Now, her client is fearful that she will be unable to pay her utility bills and lose her home. Judy, however, helped her client find food, utility, and health care programs in the state of Wisconsin to support her living expenses. Judy also researched a loan program that allowed her client to use some of her home equity to pay her real estate taxes. Still, the economic downturn is making it that much harder for this 80-year old woman to be economically secure.
Another one of Judy’s clients is a 67-year old woman who lost her husband just five months ago. This unfortunate event left her client with two large mortgage payments and lots of other bills. Both properties were up for sale before the passing of her client’s husband. Due to housing crisis, Judy’s client is unable to sell these homes. This client has to deal with the grief of losing her husband in addition to the stress of finding a way to pay for these properties simultaneously. Although a small amount of life insurance is keeping her afloat, her financial future depends on the sale of at least one of the estates.
According to the Wisconsin Elder Economic Security Standard Index (the Elder Index), in Dane County, the monthly housing cost for a single elder to own a home while paying a mortgage amounts to $1,339. Total monthly costs, including housing, food, transportation, health care and other basic necessities, equals $2,394 per month or $28, 730 per year. The findings of the Elder Index illustrate that without adequate income, a second mortgage would have a devastating impact on an elder’s ability to be economically secure.
These are just two of the many stories of elders in Wisconsin and across the country who are finding it harder to meet their basic needs due to economic downturn. Judy is hopeful that the new President and his administration will begin focusing on elder issues and find solutions to these problems.
Stories like that of Judy’s clients illustrate the need for well-informed decision making by policy makers, service providers and advocates working on behalf of low-income seniors, particularly given the economic downturn and state budget constraints. The Wisconsin Elder Economic Security Initiative™ offers a conceptual framework and concrete tools, such as the Elder Economic Security Standard™ Index, to evaluate how well programs and policies are helping elders who struggle to make ends meet.
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Profile: Marie Nickiel
Profile: Lincoln and Maxine Marty