Older Adults and Economic Security · NCOA analysis of the American Community Survey 2010, Public...

Grantmakers In Aging 2012 Annual Conference

Is This What CHANGE Feels Like? The State of Aging in America

Older Adults and Economic Security

An Integrated Approach To

Service and Advocacy





74 Million Older Adults 60+ By 2020

1/3 Living In Economic Insecurity

64.9 million

Population 60+ living in the community

60+ and < 250%

FPL

24.7 million

**Sources and Notes:

NCOA analysis of the American Community Survey 2010, Public Use Microdata Files.

NCOA analysis of U.S. Census Bureau, Population Division, Interim State Population Projections, 2005, File 3. Interim State Projections of Population by Single Year of

Age: July 1, 2004 to 2030 . The numbers in each circle are a subset of the numbers in the larger circles. Circles are not at scale.

2012 2015 2020

74.8 million


60+ and < 250% FPL

28 million

59.5 million


60+ and < 250%

FPL

23.2 million



Diminished Net Worth

Source: U.S. Census Bureau, Survey of Income and Program Participation 2004 and 2008 Panels



Increased Foreclosures



Higher Medical Costs



Poor Job Market



Disappearing Defined Benefit Pension Plans

Source: Employee Benefit Research Institute. EBRI's estimates for 1998-2008 were done using Department of Labor and Current

Population Survey data.

Credit: Alyson Hurt / NPR



A New Measure: Elder Index



Empower & Assist Older Adults To Navigate

Resource

Coordination

+ Advocacy =

Increased

Economic

Security



Economic Security Project For

Cleveland Seniors

Jane Fumich

Director of Aging

City of Cleveland, Department of Aging



The Economic Security Initiative…

…is a holistic approach to addressing the various issues that impact the economic security of older adults through case management.





Economic Security Project for Cleveland Seniors

Team of Trusted Agencies

• City of Cleveland Department of Aging

• Cleveland Office of Fair Housing and Consumer Affairs

• Benjamin Rose Institute on Aging

• Consumer Credit Counseling Service

• Community Housing Solutions

• Consumer Protection Association

• Cleveland Tenant's Organization

• Employment Connection

• Empowering and Strengthening Ohio’s People (ESOP)

• Fairhill Partners

• Legal Aid Society of Cleveland

• Phe’be Foundation

• Spanish American Committee

• 211-First Call for Help



Aging Network Services

• Department of

Aging

• Fairhill

Partners



Employment Assistance

• Employment Connection



Financial Assistance

• Consumer Credit

Counseling Service

• Consumer Protection

Association

• Community Housing

Solutions

• Phe’be Foundation

• 211 First Call for Help



Health Assistance

• Benjamin Rose

Institute

• Fairhill Partners



Housing Assistance

• Community Housing Solutions

• Cleveland Tenant's Org.

• Department of Aging

• Cleveland Office of Fair Housing and Consumer Affairs

• ESOP

• Spanish American Committee



Legal Assistance

• Legal Aid Society of

Cleveland



Public Benefits Assistance

Department of Aging’s

•Access Your Benefits

Program

•Geriatric Outreach

Workers



Example: Economic Action Plan

PART I: YOUR PROGRAM GOALS

The following are the goals you want to achieve through the Economic Security Project.

Goal #1 Financial counseling

Goal #2 Reverse mortgage counseling

Goal #3 Assistance with getting roof repaired

Comments: Cleveland Department of Aging will complete a Benefits CheckUp for assistance with public

benefits enrollment such as HEAP, prescription drug programs, food assistance etc. Client

might also receive assistance through the Senior Homeowner’s Assistance Program (SHAP)

PART IV: PARTNER AGENCY REFERRALS

The following agency/agencies will be contacting you directly to set up an appointment.

Please make every effort to keep your appointments.

If you must cancel, please do so as soon as possible and notify your case manager.

Agency Reason (Goal)

Consumer Credit Counseling Services Financial Counseling

Reverse Mortgage Counseling



Case Illustration: Stabilizing Ms. H.

Homeless Emergency Senior Guest House Home

• Quality of Life – Client moved from in crisis to stable

• Economic Security – Client moved 68% closer to the standard of economic security



Pension Counseling And

Information Program

Karen Friedman

Executive Vice President and Policy Director

Pension Rights Center



A New Album



Pensions Plus Social Security = Retirement Security

• Statistics show that households with a pension are twice

as likely to maintain an adequate income at retirement.

• Poverty rates among households without pension income

are nine times greater than those with retirement income

from a pension.

• And $7.9 billion in public benefits savings are directly

attributable to pension income.



Retirement Maze



Pension Counseling Program Coverage



Pension Counseling And Information Program

• Seven Pension Counseling and Information projects

together serve more than 2,000 clients a year

• Pension Rights Center provides technical assistance and

training as partner to program

• Recovered more than $145 million in retirement benefits

for more than 40,000 workers and retirees and spouses

• Approximately a nine to one return on dollars invested in

this unique public-private partnership



National Neighbors Silver Program

Sarah Meek

Program Manager

National Community Reinvestment Coalition



Building Economic Security and Preserving Wealth

By building local capacity for advocacy

and organizing, we are…

Empowering older adults.

Fighting for better banking.

Keeping seniors at home.





Building Economic Security And Preserving Wealth

Accomplishing our goals requires tools.

•Stories.

•Goals.

•Research.

•Resources.

•Information.

•Action.

•Community leaders.

•Training.

•Each other.



Partnerships:

Collaborating with the Usual and

Unusual Suspects



Grantmaker Discussion

• How can your foundation build on current investments to ensure the economic security of older adults?

• If your foundation has never invested in this population before, what are the opportunities for your foundation to invest? What are the potential barriers to doing this?

• What do you need to make opportunities turn into realities, including any assistance from Grantmakers in Aging ?

• What do you see as immediate next steps?



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Older Adults and Economic Security · NCOA analysis of the American Community Survey 2010, Public...

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