Friday, May 1, 2009
What does elder economic security mean for Minnesota?
May 1st Thoughts From A Board Member
Martha Holstein, an Elder Economic Security Initiative Board Member, from Chicago's Health & Medicine Policy Research Group shares her thoughts today on why elder economic security is part of a greater need of solidarity and security across generations.
Divided We Fall: Economic Security and Intergenerational Solidarity
Amidst all the current economic turmoil Social Security and Medicare are there—the only guaranteed source of income one can’t outlive and health care that no one can take away. These guarantees are critical for older people and for their families. If these programs were weakened, needs would have to be met by someone and that someone is most likely one’s sons and daughters. The entire family would lose. We need to think of old age entitlements as family benefits, a contribution to the family commons and absolutely essential to mitigating threats to the health and well-being of the entire family. The family commons implies that we need to share our common goods with each of us not taking more than we need—and sometimes perhaps taking less than we need. Intergeneration solidarity rather than intergenerational equity
There is another reason to commit to intergenerational solidarity. Research makes it very clear that continuity in life circumstances is prevalent. Rather than these circumstances improving in old age, the older we get the more disadvantaged we become. Known as “cumulative disadvantage” it suggests how powerfully our family’s social and economic status, our education and our related opportunities are not easily overcome. Today, this is particularly unsettling since we know that young men are earning less than their fathers did at the same age. This statistic is apt to worsen as we see the results of the current economic downturn. The foretelling about the future condition of the aged, to be documented in the next generation’s Elder Standard, is a potent reason to act now to make sure that American’s younger families have a better shot at economic security. It is really for all of us!
Divided We Fall: Economic Security and Intergenerational Solidarity
Amidst all the current economic turmoil Social Security and Medicare are there—the only guaranteed source of income one can’t outlive and health care that no one can take away. These guarantees are critical for older people and for their families. If these programs were weakened, needs would have to be met by someone and that someone is most likely one’s sons and daughters. The entire family would lose. We need to think of old age entitlements as family benefits, a contribution to the family commons and absolutely essential to mitigating threats to the health and well-being of the entire family. The family commons implies that we need to share our common goods with each of us not taking more than we need—and sometimes perhaps taking less than we need. Intergeneration solidarity rather than intergenerational equity
There is another reason to commit to intergenerational solidarity. Research makes it very clear that continuity in life circumstances is prevalent. Rather than these circumstances improving in old age, the older we get the more disadvantaged we become. Known as “cumulative disadvantage” it suggests how powerfully our family’s social and economic status, our education and our related opportunities are not easily overcome. Today, this is particularly unsettling since we know that young men are earning less than their fathers did at the same age. This statistic is apt to worsen as we see the results of the current economic downturn. The foretelling about the future condition of the aged, to be documented in the next generation’s Elder Standard, is a potent reason to act now to make sure that American’s younger families have a better shot at economic security. It is really for all of us!
What does elder economic security mean for Pennsylvania?
Our Pennsylvania partner, PathWays PA share their thoughts today on Pennsylvania's elders and what they need to make ends meet on their policy blog.
What does elder economic security mean for Connecticut?
Our Connecticut partner, the Connecticut Permanent Commission on the Status of Women share their thoughts today on what elders need to be economically secure.
April 28th is National Pay Equity Day, May is older Americans month. Here in Connecticut, we understand that this is no coincidence.
Just as in a calendar year April precedes May, in the timeline of a woman’s life, issues of pay equity precede imbalanced life circumstances come retirement. The statistics of the wage gap are clear.
April 28th is National Pay Equity Day, May is older Americans month. Here in Connecticut, we understand that this is no coincidence.
Just as in a calendar year April precedes May, in the timeline of a woman’s life, issues of pay equity precede imbalanced life circumstances come retirement. The statistics of the wage gap are clear.
- Women in Connecticut earn 78 cents for every dollar a man makes for the same work.
- Over her lifetime a woman with a high school degree will earn $700,000 less than a man with a high school degree.
- A woman with a college degree will earn $1.2 million less than a man with a college degree over her lifetime.
- A woman with an advanced degree will earn $2 million less than a man with an advanced degree over her lifetime.
These inequities add up over a lifetime-it would take a woman with typical earnings fifteen years to achieve the same life savings as a man. These savings are necessary to supplement social security in retirement. Social Security alone does not make ends meet.
- The average Social Security benefit for a single woman in Connecticut is $12,600 per year, and nearly one half of older Connecticut women rely solely on this for their income.
- Without additional retirement savings this leaves a gap between what’s needed and what’s earned that ranges between $7,000 - $40,000 dollars.
As we celebrate Older Americans Month this year, we know it is impossible not to connect the wage gap to the struggle to ensure economic security for older adults. Here in Connecticut We are dedicated to working towards economic security for women and their families throughout the lifespan.
May 1st thoughts from WOW
As we begin Older Americans Month, here are thoughts from WOW's Director of National Economic Security Programs on what Congress can do to ensure the economic security of elders.
In the face of today’s high and rising living costs, there must be a continuum of access to programs that help elders when their incomes fall short of the basic costs of living. Expanded access to programs will require changes, outreach, and funding—at both the federal and state levels—to ensure that elders maintain a roof over their heads, food on their table, and prescriptions needed to manage health conditions as they age. To ensure economic security for all elders, advocates, policymakers and caregivers must:
1. Defend Retirement Income: Erosion of the progress that has been made on behalf of elder economic security must be reversed by supporting and strengthening Social Security, expanding (or providing) worker savings opportunities such as defined contribution and benefits plans, and resisting the temptation to again balance budgets on the backs of seniors by freezing the Supplemental Security Income (SSI) annual cost of living adjustment (COLA) and cutting Medicaid.
2. Support housing trust funds, affordable housing development, housing assistance and homeowner tax exemptions for elders struggling to make ends meet.
3. Adjust unreasonably low income and asset limits among public support programs including SSI. Average Social Security incomes and average retirement incomes often exceed eligibility limits, but leave single elders well short of the income needs indicated by their local Indexes.
4. Promote equitable and rational policy by using the Elder Economic Security Standard Index (the Index) in evaluating existing policies and developing new policies for older adults. The Index is a realistic, geography-based measure of need that can be used to guide policies and programs, and to determine more realistic income eligibility guidelines and funding levels for critical public supports. The Index also provides a tool to help direct service providers benchmark an elder’s movement toward economic security.
In the face of today’s high and rising living costs, there must be a continuum of access to programs that help elders when their incomes fall short of the basic costs of living. Expanded access to programs will require changes, outreach, and funding—at both the federal and state levels—to ensure that elders maintain a roof over their heads, food on their table, and prescriptions needed to manage health conditions as they age. To ensure economic security for all elders, advocates, policymakers and caregivers must:
1. Defend Retirement Income: Erosion of the progress that has been made on behalf of elder economic security must be reversed by supporting and strengthening Social Security, expanding (or providing) worker savings opportunities such as defined contribution and benefits plans, and resisting the temptation to again balance budgets on the backs of seniors by freezing the Supplemental Security Income (SSI) annual cost of living adjustment (COLA) and cutting Medicaid.
2. Support housing trust funds, affordable housing development, housing assistance and homeowner tax exemptions for elders struggling to make ends meet.
3. Adjust unreasonably low income and asset limits among public support programs including SSI. Average Social Security incomes and average retirement incomes often exceed eligibility limits, but leave single elders well short of the income needs indicated by their local Indexes.
4. Promote equitable and rational policy by using the Elder Economic Security Standard Index (the Index) in evaluating existing policies and developing new policies for older adults. The Index is a realistic, geography-based measure of need that can be used to guide policies and programs, and to determine more realistic income eligibility guidelines and funding levels for critical public supports. The Index also provides a tool to help direct service providers benchmark an elder’s movement toward economic security.
Thursday, April 30, 2009
"Blog About It: Elder Economic Security" in Full Swing
It's the start of Older Americans Month, and we are beginning May with a day-long blogging event. Check out the videos below and participate by posting a comment!Wednesday, April 29, 2009
Encore Opportunity Awards - Now Accepting Nominations
Civic Ventures is recognizing outstanding organizations that are committed to improving the workforce through the hiring of workers over 50. Read below for more information and be sure to nominate an organization that stands out as a clear advocate for elder economic security though the employment of older workers.
Civic Ventures is now accepting nominations for the 2009 MetLife Foundation/Civic Ventures Encore Opportunity Awards to recognize innovative organizations that are effectively tapping the passion and experience of people over 50 to improve society. The Encore Opportunity Awards are for creative nonprofit or public organizations that engage people over 50 in encore careers – doing work that combines continued income with personal meaning and social impact – to accomplish their mission and meet society’s biggest needs. Winners will receive $2,500 and be showcased for their leadership and human resource expertise.In the first year of this program, 10 “breakthrough” organizations were recognized for creating innovative and meaningful social purpose job opportunities for adults over 50.
Read about the award winning organizations in the 2007 MetLife Foundation/Civic Ventures BreakThrough Award report.
You can find more information about the Encore Opportunity Awards at http://www.encore.org/employers.
Please note the nomination deadline is June 1, 2009.
If you have any questions about the nomination process, feel free to contact Cal at chalvorsen@civicventures.org .
Civic Ventures is now accepting nominations for the 2009 MetLife Foundation/Civic Ventures Encore Opportunity Awards to recognize innovative organizations that are effectively tapping the passion and experience of people over 50 to improve society. The Encore Opportunity Awards are for creative nonprofit or public organizations that engage people over 50 in encore careers – doing work that combines continued income with personal meaning and social impact – to accomplish their mission and meet society’s biggest needs. Winners will receive $2,500 and be showcased for their leadership and human resource expertise.In the first year of this program, 10 “breakthrough” organizations were recognized for creating innovative and meaningful social purpose job opportunities for adults over 50.
Read about the award winning organizations in the 2007 MetLife Foundation/Civic Ventures BreakThrough Award report.
You can find more information about the Encore Opportunity Awards at http://www.encore.org/employers.
Please note the nomination deadline is June 1, 2009.
If you have any questions about the nomination process, feel free to contact Cal at chalvorsen@civicventures.org .
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