Thursday, July 10, 2008

Double Whammy!

Today we have TWO exciting topics for discussion - the release of the Wisconsin Elder Economic Security Standard Index and the Aspen Institute's "Security 'Plus' Annuities " Plan.

First, Wider Opportunities for Women in partnership with the Wisconsin Women's Network is proud to announce the successful release of the Wisconsin EESI.

The Wisconsin Index is a measure of the living expenses for older adults in the community for housing, health care, food, transportation and minor miscellaneous costs. It is calibrated to address the specific costs of an older person’s real life circumstances, rather than the antiquated "federal poverty level," which is based solely on an average older adult’s food costs. The Wisconsin Index offers precise and geographically-specific information on an older adult’s costs based on her particular household size, housing tenure and health. This latest launch brings the National EESI to a total of five states – MA, CA, PA, IL and WI.

To get a better idea of the impact the Elder Economic Security Initiative is going to have on Wisconsin, visit any or all of the following links and stay tuned:

>WI EESI Webpage
>WI EESI Fact Sheet
>Video News Report: WisconsinEye
>News Story: Wisconsin Radio News Network
>News Story: Milwaukee Journal-Sentinel
>News Story: ABC - WISN News

Now, on to the Aspen Institute Security "Plus" Annuities Plan...

Here are some key features and concepts of the Security Plus Plan:
[] The Security “Plus” Plan is designed to jump-start a market for life annuities for younger workers. It would provide America’s retirees with an opportunity to buy an extra layer of secure income on top of Social Security through a simple and convenient government-facilitated program.
[] Security “Plus” annuities use the federal government as an intermediary to market and distribute annuities, provide supportive administrative services and select annuity providers. This keeps the private sector in its customary role as an underwriter of group annuities and prices annuities at current market rates but without premium taxes or advisor fees.
[] Security “Plus” annuity payments are automatically added to monthly Social Security checks.
[] Security “Plus” annuities minimize the risk that retirees will outlive or lose their savings. If just 10 percent buy a Security “Plus” annuity, that means 200,000-400,000 Americans each year will increase their financial security in retirement.

For more information about the Aspen Institute's innovative retirement savings concept, please read the following report:
Comments Please: Do you think the Aspen Security Plus Plan could make retirement saving easier or more reliable?

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