In 2009, NJFA released a report called, the Elder Economic Security Index (EESI). The Index tells us the cost of living for seniors in all 21 counties in NJ. The Elder Economic Security Standard‚Ñ¢ Index (Elder Index) methodology was developed by the Gerontology Institute at the University of Massachusetts Boston, in partnership with Wider Opportunities for Women(WOW), an advocacy agency in Washington, DC. The Elder Index measures the income required for seniors to meet basic needs without public, private or informal assistance. Measurements are based on existing, credible data from publicly available sources.
¬†And now, in 2012, WOW has launched a National Database online so that you can see not only the individual state‚Äôs numbers, but can compare States and Counties. The database uses the Basic Economic Security Tables‚Ñ¢ (BEST) Index and the Elder Economic Security Standard‚Ñ¢ Index (Elder Index) to measure the incomes workers and retired elders need to achieve economic security. The BEST and Elder Index present local expenses, savings requirements and economic security incomes by family type, and at the city, county and state levels.
¬†Not only are the 17 states that have released Elder Index reports available in this new Database, but all 50 states! There are many uses for this data and certainly financial planning or retirement planning has always been one of them, now people preparing to retire can compare costs across the country. It is also a great source for researchers or service providers, looking for data to support projects or compare their state to others.
WOW’s Economic Security Database¬†provides local information on how much families and elders need to make ends meet in one easy-to-use online tool. To view the National Database visit: http://www.basiceconomicsecurity.org/
¬†To learn more about the NJ Elder Index visit: www.njfoundationforaging.org/issues.html
We are pleased to announce support from the Silver Century Foundation to delve even deeper into the NJ EESI. With this support, we anticipate releasing a detailed profile of seniors living on the edge of poverty in NJ. This information should be released in June 2012. Stay tuned for more information about NJ EESI in the near future.