The Elder Economic Security Standard ™
The Elder Economic Security Standard (Elder Standard) is a measure of income adequacy for older adults. The Elder Standard benchmarks basic costs of living for elder households. It illustrates how costs of living vary geographically and are based on the characteristics of elder households: household size, homeownership or renter, mode of transportation, and health status. The costs are for basic needs of elder households; they are based on market costs and do not assume any subsidies.
The Elder Standard, with its respective “tracks” for seniors living in different circumstances, shows how seniors with low- and modest-incomes are challenged to cover their living costs today, as costs for basic needs are rising much faster than their incomes. In addition, it illustrates how seniors with moderate and somewhat higher incomes may be prepared for the present, yet face an uncertain future when living costs outpace their incomes, or when costs rise markedly as their life circumstances change.
Significant numbers of elders are facing rising costs of living. Many aging boomers are grappling with care, living options, and economic realities for their aging parents. The Elder Economic Security Standard provides a framework to help guide the public and private decisions that will shape the health and well being of today’s senior citizens – decisions that will impact the aging boomer population and the families that will care for them.
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