A key point derived from this article is that the economy will not improve by people not spending money as the baby boomer generation and most of the country seems to be doing at an increasing pace. It is important to focus on ways to make people feel and actually be economically secure. Through the Elder Economic Security Standard Index (“Elder Index”), anyone from legislators to college students can see how the costs of living for elders vary and the essential components in determining economic security in your retirement years. Obviously, as the cost of living increases, the Elder Index numbers will be updated and the updating of numbers is key to elder’s economic security. Contrarily, the Federal Poverty Level, an outdated measure of economic insecurity, fails to keep up with rising costs, such as healthcare, one of elders’ greatest expenses.
The Elder Index is the right tool for determining what people need to make the right decision about retirement. It provides data on the cost of housing, food, transportation, healthcare, and miscellaneous expenses to assist people in determining the best option for them, whether it is working longer, saving earlier, or a combination of both.