1. Senior Strategies and Resources
Maggie Flowers, National Council on Aging
October 2, 2017

2. About NCOA
Our Mission: Improve the lives of millions of older adults, especially those who are struggling
Our Social Impact Goal:
Improve the health and economic security of 10 million older adults by 2020

3. America’s Aging Population
2020
74.8 million
Population 60+ living in the community
2015
2012
64.9 million
Population 60+ living in the community
59.5 million
Population 60+ living in the community
60+ and
< 250% FPL 28
million
60+ and
< 250% FPL
24.7
million
60+ and
< 250% FPL
23.2 million
**Sources and Notes:
NCOA analysis of the American Community Survey 2010, Public Use Microdata Files.
NCOA analysis of U.S. Census Bureau, Population Division, Interim State Population Projections, 2005, File 3. Interim State Projections of Population by Single Year of Age: July 1, to The numbers in each circle are a subset of the numbers in the larger circles. Circles are not at scale.

4. Cost of Making Ends Meet: The Elder Index
Find your state or county at

5. Older Adults Facing Economic Distress
Over 25 million older adults are economically insecure
61% of senior households have some form of debt
Almost 34% of senior households owe money on a mortgage, home equity line of credit, or both
Older adults are most at risk of unemployment
More than half of seniors are very or somewhat concerned about whether their savings and income will be sufficient to last the rest of their life
Over 25 million Americans aged 60+ are economically insecure—living at or below 250% of the federal poverty level (FPL) ($29,425 per year for a single person). These older adults struggle with rising housing and health care bills, inadequate nutrition, lack of access to transportation, diminished savings, and job loss. For older adults who are above the poverty level, one major adverse life event can change today’s realities into tomorrow’s troubles.
Poverty Measures
21% of married Social Security recipients and 43% of single recipients aged 65+ depend on Social Security for 90% or more of their income. (Social Security Administration [SSA], 2016)
More accurate measures of economic well-being—including the Elder Economic Security Standard™ Index and the Institute on Assets and Social Policy’s Senior Financial Stability Index—show millions of older adults struggling to meet their monthly expenses, even though they’re not considered “poor” because they live above the FPL.
Income & Employment
The 2.1 million older adults on Supplemental Security Income (SSI) receive, on average, just $435 each month. (SSA, 2016)
On average, older women received about $4,500 less annually in Social Security benefits in 2014 than older men due to lower lifetime earnings, time taken off for caregiving, occupational segregation into lower wage work, and other issues. Older women of color fare even worse. (SSA, 2015)
Nearly half a million older adults aged 55-64, and 168,000 aged 65+ who wanted to work were unemployed 27 weeks or longer in (Bureau of Labor Statistics [BLS], 2015)
Older workers of color are most at risk for unemployment, with older African American men twice as likely to be unemployed as older white men. (BLS)
Debt & Savings
One-third of senior households has no money left over each month or is in debt after meeting essential expenses. (Institute on Assets and Social Policy)
In 2013, 61.3% of households headed by an adult aged 60+ had some form of debt. Among senior households with debt, the median total debt was $40,900. (Federal Reserve Board)
Health & Nutrition
In 2015, 2.9 million households with a senior aged 65+ experienced food insecurity. (USDA Economic Research Service)
3 out of 5 older adults (age 60+) who are eligible for the Supplemental Nutrition Assistance Program (formerly Food Stamps) are not enrolled. (USDA Food and Nutrition Service)
Housing
In 2013, 33.8% of senior households owed money on a mortgage, home equity line of credit, or both. (Survey of Consumer Finances)
Approximately 3.5 million older homeowners are underwater on their loans and have no home equity. (Trawinski & AARP, 2012)

7. Impossible Choices
Percentage of NCOA partners who reported regularly encountering older clients…
forgoing needed home or vehicle repairs %
cutting pills %
avoiding social engagements %
skipping medical appointments %
missing rent or mortgage payments %
skipping meals %
In order to make ends meet when dealing with debt, seniors often make trade-offs that may save money in the short term, but can also be harmful to their health or finances. Professionals taking our survey reported:
23% regularly encounter seniors forgoing needed home or vehicle repairs.
This increases the risk of accidents or falls – the leading cause of fatal and non-fatal injuries among seniors.
Nearly 15% regularly encounter seniors cutting pills.
This can be harmful– for example time-release pills are no longer effective after they are split, and for some medications, small deviations in dosage can have serious consequences.
Nearly 15% regularly encounter seniors avoiding social engagements.
The costs of transportation and participation in activities can be too high for people on limited budgets.
Can lead to a feeling of isolation.
Just under 14% regularly encounter seniors skipping meals.
Skipping meals can lead to nutrient deficiencies and may lower the effectiveness of medications.
In May 2015, NCOA surveyed aging network professionals by about their clients’ debt, and how it impacts these clients’ economic security.
These professionals represented a cross-section of state and community organizations that serve older adults.
Seventy-two professionals responded to the survey.

8. Jobs & Community Service Aging Network Services
A Holistic Approach: Empower & Assist
the Consumer to Navigate All Available Solutions
A Holistic Approach: Empower & Assist the Consumer to Navigate All Available Solutions
Jobs & Community Service
Health
Finances
Legal
Aging Network Services
Housing
Public Benefits
Consumer Protections
COORDINATING EXISITING RESOURCES = INCREASES ECONOMIC SECURITY

9. Ms. W Looks to Reenter the Workforce
Ms. W. is 68 years old and spent the last three years caring for her husband. When he died, she found herself with one less income, credit card debt, and no job. Her Social Security is $1600/month and her credit card debt had gone to collection agencies. She has no family to support her and was experiencing depression. The MAC team conducted an EconomicCheckUp® and created an economic action plan with her. They helped her apply for benefits programs, which freed up $200 per month. They got her on the waitlist for the Senior Community Service Employment Program and helped her enroll in a computer class and design a resume. They connected her with Legal Aid to discuss the option of bankruptcy. She recently applied for a job at a local library and is feeling much better about her life.

10. Economic Security Initiative
$250/month or $3,000/year
Average increase in income and/or decrease in budget expenses experienced by clients

11. EconomicCheckUp
Will start Live Demo here, but these slides can be provided as a hand out.
Now, in order to get to scale, we know we must create turnkey tools that help orgs embed the approach in their workflow in a low cost way and we need to reach out to seniors and caregivers directly……
EconomicCheckUp builds on over 10+ yrs of experience with the very successful BenefitsCheckUp.
EconomicCheckUp identifies benefits that could save you money, find ways to cut expenses and develop a concrete plan to achieve greater economic security.
The type of help available includes:
Money management & budgeting
Housing
Health
Employment & training
Debt & credit management
Consumer protections
Brief live demo if possible. If not, use slides

13. Interactive Calculators

14. Savvy Saving Seniors® www.ncoa.org/SavvySeniors
Toolkits designed to educate older adults on how to:
Budget
Find benefits
Avoid scams
Manage and protect financial cards

15. Join Us! Visit ncoa.org and sign up for enews
on social media
Donate to support NCOA’s work: ncoa.org/Donate
Share NCOA’s free, trusted tools with older adults
BenefitsCheckUp.org
EconomicCheckUp.org
MyMedicareMatters.org

16. Contact Us
Maggie Flowers Associate Director, Economic Security