Friday, February 8, 2013

New National Elder Economic Security Standard Now Available

The Gerontology Institute of the John W. McCormack Graduate School of Policy and Global Studies at the University of Massachusetts has just released a new, updated version of the National Elder Economic Security Standard Index report.

The index measures how much income a retired older adult requires to meet his or her basic needs-without public or private assistance. The measure is based on individuals 65 and older and living in the community, not in a institution.

The report highlights the growing cost of health care for the elderly across all states and estimates that a married couple must have between $29,448 and $32,204 to meet all expenses in the U.S. For a married elder couple in Pennsylvania without a mortgage, their yearly income should be about $29,916 with health care costing almost twice as much as other expenses.

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