Minnesota Elder Economic Security Standard Index

Publication Date: January 2009

Publisher: Minnesota Women's Consortium; Minnesota Women's Consortium

Author(s):

Research Area: Economics; Population and demographics

Keywords: elder index; economic security; elder; minnesota

Type: Report

Coverage: Minnesota

Abstract:

The Minnesota Women's Consortium recognizes that many Minnesota elders age 65 and over struggle to make ends meet. Living costs are high, especially for housing and health care. In the face of rising expenses, many elders receive only a modest cost of living adjustment each year; thus, they are spending down retirement savings, and/or face growing debt. At the same time, older people strain to be prepared for the present, but face a challenging future if their life circumstances change due to illness, loss of a spouse or partner, and/or growing needs for help with daily tasks.

This report presents the Elder Index for Minnesota to benchmark basic living expense costs for elder households. It illustrates how expenses vary both by specific Minnesota geographic areas and by the circumstances of elder households, including household size, homeowner or renter status, health status, and the need for long-term care. The expenses are based on market costs and do not assume any public or private supports.