WIEESI 2009

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A graphic explanation of a new measure of elder economic security

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WIEESI 2009

  1. 1. Wisconsin Elder Economic Security Initiative™ Supported by: The Retirement Research Foundation The Atlantic Philanthropies The Helen Bader Foundation Judy Karofsky Interim Administrator Wisconsin Women’s Network info@wiwomensnetwork.org 608-255-9809
  2. 2. Wisconsin Women’s Network
  3. 3. Wider Opportunities for Women National and local programs
  4. 4. Wisconsin Elder Economic Security Initiative
  5. 5. Wisconsin Aging Statistics 13% 87% Over 65 65 or younger US as a whole: 12.4%, up from 7.9% in 1990
  6. 6. Wisconsin Annual Income Persons Over 65 7% 35% 65% 93% Below $35,000 $35,000 or more Below Federal Poverty Level
  7. 7. Federal Poverty Level Food 33% "All other expenses" 67% 1960’s Federal Poverty Level = Food expenditures X 3
  8. 8. Federal Poverty Level Food 14% Housing 35% Transportation 11% Miscellaneous Essentials 16% Health Care 24% Food X 3 = only 42% of today’s needs
  9. 9. Federal Poverty Level 42% Today's Gap 58% Today Federal Poverty Level is meaningless
  10. 10. Wisconsin Elder Economic Security Index Not Federal Poverty Level’s deprivation Captures elders’ actual expenses Used to benchmark against available income sources
  11. 11. Why do we need this Initiative?
  12. 12. Why do we need this Initiative?
  13. 13. What are the goals? Change the public dialogue from “elder poverty” to “economic security” Elder Poverty Economic Security
  14. 14. WHAT are the goals? Provide a framework decision guide for elders, their families, caregivers, aging boomers and service providers Elders Service Family Providers Aging Care Boomers Givers
  15. 15. What are the goals? Influence the development and evaluation of public policies and programs Public Programs Public Policy
  16. 16. What are the goals? Public Policy Public Programs
  17. 17. How will the Initiative meet its goals? Coalition Building Research Education Advocacy
  18. 18. Wisconsin Elder Economic Security Index Housing Health Food Care Transportation Miscellaneous Expenses
  19. 19. Wisconsin Elder Economic Security Index Geographically specific
  20. 20. Wisconsin Elder Economic Security Index Marital Housing Status Health Useful Data
  21. 21. Wisconsin Statewide Average Single Couple Owners Owners without mortgage without mortgage $28,057 $18,154 Renters $29,145 Renters $19,242
  22. 22. Wisconsin Elder Economic Security Index
  23. 23. Dane County Average Single Couple Owners Owners without mortgage without mortgage $29,606 $19,829 Renters $30,553 Renters $20,777
  24. 24. Wisconsin Elder Economic Security Index Dane County $20,777
  25. 25. Elder Economic Security Social Security Investment Pension Income
  26. 26. Social Security Part- time Job 2 At home Job 1
  27. 27. Social Security Part- time Job 2 At home Job 1
  28. 28. Pensions Early retirement Job 2 or annuitization At home Job 1
  29. 29. Pensions Early retirement Job 2 or annuitization At home Job 1
  30. 30. Savings/Investments Good Intentions Crises Wall Street
  31. 31. Elder Economic (In)Security 20% in WI live on social security Less than ½ WI No women savings? will receive No income pensions
  32. 32. Elder Economic Condition Rely on Cut back on families for food, medicine, financial utilities assistance
  33. 33. Elder Economic Condition Rely on Cut back on families for food, medicine, financial utilities assistance
  34. 34. Wisconsin Elder Economic Security Index Let’s start talking about the concept WiEESI is replacing FPL
  35. 35. Wisconsin Advisory Committee Advocates Academics Planners Policy Service makers providers
  36. 36. Wisconsin Activities Legislative seminar Financial education workshop Policy Recommendations Index report Policy brief
  37. 37. Wisconsin Outreach and Education Providers Consumers Families Policy Funders makers
  38. 38. Wisconsin Outreach and Education Providers Consumers Families Policy Funders makers
  39. 39. Wisconsin Policy Recommendations Restore state- only SSI Expand support for elderly transportation
  40. 40. Wisconsin Outreach Campaign for Elders
  41. 41. Problems with Benefit Programs Income limits too Asset limits too low low (e.g., Medicaid, (e.g., SSI) SSI)
  42. 42. Wisconsin Endorsements AARP Wisconsin University of Wisconsin School of Nursing AgeAdvantAge Wisconsin Alliance for Retired Americans Alzheimer’s Association Wisconsin Association of Aging Unit Black Women 50+ Health & Lifestyles Directors Magazine Wisconsin Association of Area Agencies Care Wisconsin on Aging Citizen Action of Wisconsin Wisconsin Association of Benefit Coalition of Wisconsin Aging Groups Specialists Community Health Partnership Wisconsin Board on Aging and Dane County Area Agency on Aging Long Term Care Disability Rights Wisconsin Wisconsin Council on Children and Milwaukee County Department on Aging Families National Association of Social Workers – Wisconsin Council of Churches Wisconsin Chapter Wisconsin Personal Services Association Older Women’s League – Milwaukee Wisconsin Retired Educators Association SAGE/Milwaukee YWCA – Madison
  43. 43. Next Steps in Wisconsin More endorsements Continued Pursue policy outreach agenda Research Refine policy analysis initiatives
  44. 44. WHAT CAN YOU DO? • To the media about the Elder Index Talk or write • To expand programs based on the Elder Index Advocate • Other groups that can learn about the Elder Index Identify
  45. 45. WHO should be involved? AARP Area Agencies on Aging (AAAs) Elder, women’s and low-Income advocates Senior membership organizations State Older Women’s Leagues (OWL) For-profit and nonprofit service providers Academics and research organizations Public entities Philanthropists Policymakers State administrators Budget and tax groups Caregivers Elders and their families
  46. 46. Other States are Involved Massachusetts Pennsylvania Illinois Connecticut New Jersey New Mexico
  47. 47. Why support the Initiative? Share valuable info and data All persons, Seniors young and deserve to old, should age in Wisconsin be able to place with Elder meet basic dignity Economic needs Security Index Become part of a national movement
  48. 48. We hope you will join our mission to ensure Wisconsin elders can age in place with dignity!

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