Life in the Valley Economy 2010 - Working Partnerships USA

Making a Living: Indicator 3: Achieving Self-Sufficiency
Nearly half of all seniors are economically
insecure
A separate self-sufficiency standard has been
developed to gauge the cost of living for older adults
– specifically, retirees ages 65 and up. Retirees enjoy
a lower cost of living in some respects, without the
necessity of commuting or (usually) of providing for
children, and with Medicare providing for health care
expenses, although many costly health or personal
care needs of older adults are not fully paid for by
Medicare. At the same time, retirees living on a fixed
income often face great difficulty in stretching their
incomes to cover the rising costs of housing, food and
transportation.
The Elder Economic Security Standard, developed
by UCLA, indicates that (as of 2007) the basic costs of
living for elder households in Santa Clara County range
from $25,391 for a single senior renting a one-bedroom
unit, up to $47,354 for a couple with a mortgage. 24
As of 2007, out of all Santa Clara County residents
aged 65+, 48.4% – 82,000 seniors – had incomes below
this standard, meaning that they face serious challenges
in making ends meet. 25
Neither Social Security nor Supplemental Security
Income (SSI) typically pays enough for an elder to
meet the Economic Security Standard. In Santa Clara
County, the average annual Social Security payment
to a senior recipient in 2008 was $12,022; the average
annual payment for senior SSI recipients was just
$7,266. 26
Senior women living alone are a fast-growing
demographic in Santa Clara County, and are among
the most likely to lack adequate income. In 2008, Santa
Clara County was home to 28,691 senior women living
alone, as well as 12,703 senior men living alone. 27
Among senior women living alone, 55% fell below
the Elder Economic Security Standard. 28
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