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1 A non-profit service and advocacy organization © 2012 National Council on Aging National Council on Aging Fifth Annual Financial Literacy Leadership.

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Presentation on theme: "1 A non-profit service and advocacy organization © 2012 National Council on Aging National Council on Aging Fifth Annual Financial Literacy Leadership."— Presentation transcript:

1 1 A non-profit service and advocacy organization © 2012 National Council on Aging National Council on Aging Fifth Annual Financial Literacy Leadership Conference: October 2012 Ensuring the Economic Security of Older Adults Ramsey Alwin Senior Director, Economic Security Ramsey.Alwin@ncoa.org Ramsey.Alwin@ncoa.org

2 2 A non-profit service and advocacy organization © 2012 National Council on Aging National Council on Aging (NCOA) NCOA is a nonprofit service and advocacy organization. Our mission is to improve the lives of millions of older adults, especially those who are vulnerable and disadvantaged.

3 3 A non-profit service and advocacy organization © 2012 National Council on Aging 74.8 million Population 60+ living in the community 60+ and < 250% FPL 28 million 64.9 million Population 60+ living in the community 60+ and < 250% FPL 24.7 million 59.5 million Population 60+ living in the community 60+ and < 250% FPL 23.2 million 2015 2012 2020 Population Growth **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, 2004 to 2030. The numbers in each circle are a subset of the numbers in the larger circles. Circles are not at scale.

4 4 A non-profit service and advocacy organization © 2012 National Council on Aging Cost of Making Ends Meet: Elder Index

5 5 A non-profit service and advocacy organization © 2012 National Council on Aging

6 6 A non-profit service and advocacy organization © 2012 National Council on Aging Economic Distress: Debt, Unemployment, Foreclosure, Bankruptcy One-third of seniors are economically insecure Consumers age 65+ carried $10,235 in average card debt Older adults are the most likely to be unemployed for 99 wks or longer 50+ represented 28% of all foreclosures and delinquencies Baby Boomers accounted for 42% of all bankruptcy filings in 2007. Filings increased 61% from 2002 to 2007, the most recent year examined by ABI.

7 7 A non-profit service and advocacy organization © 2012 National Council on Aging NCOA’s Mission and Social Impact Goals for 2020 Our mission is to improve the lives of millions of older adults, especially those who are vulnerable and disadvantaged. Economic Security  Improve the economic well-being of 5 million low-income, vulnerable older adults by providing comprehensive, integrated services that significantly increase their income and/or reduce their expenses.  Make holistic, person-centered economic assistance an integral part of U.S. policy for vulnerable and disadvantaged older adults.

8 8 A non-profit service and advocacy organization © 2012 National Council on Aging COORDINATION OF EXISTING PUBLIC & PRIVATE RESOURCES Jobs & Community Service Health & Wellness Finances LegalHousing Aging Network Services Public Benefits Consumer Protections Empower & Assist Seniors to Navigate

9 9 A non-profit service and advocacy organization © 2012 National Council on Aging Benefit of Benefits www.BenefitsCheckUp.org

10 10 A non-profit service and advocacy organization © 2012 National Council on Aging Key Benefit CategoriesKey Programs Food Assistance Supplemental Nutrition Assistance Program (SNAP)/Food Stamps Commodity Supplemental Food Program (CSFP) Senior Farmers' Market Nutrition Program The Emergency Food Assistance Program (TEFAP) Pharmaceutical Assistance Medicare Part D Low-Income Subsidy (Extra Help), State Pharmacy Assistance Programs (SPAP) Patient Assistance Programs (PAP) Health Care Medicaid Medicare Savings Programs Home and Community-Based Waivers Nursing Home Respite and adult day care Income and Tax Assistance Supplemental Security Income (SSI) Property tax relief Utilities Low Income Home Energy Assistance Program (LIHEAP) Safelink Wireless Assurance Wireless

11 11 A non-profit service and advocacy organization © 2012 National Council on Aging 86% of older adults currently receiving one federal benefit are also eligible for and not receiving at least one other federal benefit. Older Adults Missing Out on Benefits Each year, low-income older adults miss out on $20 billion in benefits that help paying for prescriptions, healthcare, food, and utilities.

12 12 A non-profit service and advocacy organization © 2012 National Council on Aging As of today: BenefitsCheckUp ® has helped over 3.2 million older adults find over $11.9 billion worth of annual benefits. BenefitsCheckUp ®

13 13 A non-profit service and advocacy organization © 2012 National Council on Aging Economic Assistance Employment Assistance Referrals that resulted in receipt of a cash stipend community service and/or training program like RSVP, Senior Companion, or SCSEP 920 Referrals that resulted in unsubsidized employment 86 Financial & Legal Counseling Services Money management and budgeting896 Education on scams/fraud874 Rental and eviction assistance774 Financial literacy and education560 Debt counseling, management, and consolidation293 Legal financial services, including bankruptcy284 Tax prep assistance227 Foreclosure mitigation/refinance163 Leveraging home equity/securing a reverse mortgage140 Property tax relief121 Consumers receiving a service as a result of an economic action plan and a warm referral

14 14 A non-profit service and advocacy organization © 2012 National Council on Aging Public & Private Supports Can Close the Gap For more on the Elder Index methodology, visit www.wowonline.org.www.wowonline.org

15 15 A non-profit service and advocacy organization © 2012 National Council on Aging Key Community Resources Partners in Aging – Senior Community Service Employment Program (SCSEP) – Area Agencies on Aging (AAA), Councils on Aging, Aging & Disability Resource Centers (ADRCs) – Departments on Aging – State Health Insurance Assistance Programs (SHIPs) – Daily Money Management – Adult Protective Services – Local AARP state offices – HUD Certified Pre-lender reverse mortgage counselors Other Important Partners – Community Action Agencies – Faith-based organizations – Community Development Credit Unions – Foreclosure mitigation specialists – Consumer Credit Counseling Services – Legal services/advocates – Housing Counseling Agencies

16 16 A non-profit service and advocacy organization © 2012 National Council on Aging Use the Resources Available: Financial Education - Savvy Saving Seniors Series The Savvy Saving Seniors toolkit includes:  A Scripted Facilitator’s Guide  Participant Handbook  Power Point Template  Evaluations  Marketing Materials All materials can be found: www.ncoa.org/savvyseniors

17 17 A non-profit service and advocacy organization © 2012 National Council on Aging Join the Cause, Get Engaged! www.ncoa.org

18 18 A non-profit service and advocacy organization © 2012 National Council on Aging Contact us Ramsey.Alwin@ncoa.org Visit us on the Web at: www.ncoa.org www.oneaway.org www.benefitscheckup.org www.homeequityadvisor.org www.basiceconomicsecurity.org

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