By Lisa Watts
Social Security benefits remain too low to support a financially secure lifestyle in most American communities, according to a new report from UMass Boston.
Nearly a quarter of all Americans aged 65 and older depend on Social Security benefits for 90% or more of their family income. Yet nationally, the average Social Security benefit covers just 68% of basic living expenses for a single older adult. Those expenses include housing, food, transportation, and health care.
These estimates and others are featured in Social Security Benefits Continue to Fall Short of Covering Cost of Basic Needs for Older Americans, 2021, a new report from the University of Massachusetts Boston. The report is based on data captured in the Elder Index, a tool developed by the UMass Boston Gerontology Institute to provide a comprehensive reflection of the cost of living for older adults in every community across the United States.
The new report was written by UMass Boston Professor of Gerontology Jan Mutchler and Nidya Velasco Roldán, a doctoral student. Mutchler, who is also director of the Gerontology Institute, produces and disseminates the Elder Index.
The Gerontology Institute partners with LeadingAge and Community Catalyst to conduct research through the LeadingAge LTSS Center @UMass Boston.
“The Elder Index defines economic security as the income level at which older people can cover basic and necessary living expenses without relying on loans, gifts, or income support programs such as food subsidies and housing assistance,” says Mulcher. “It is also uniquely focused on thresholds specific to older adults’ expenses, and looks at living costs county by county across the U.S.”
Read more at the Gerontology Institute blog.