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National Council on Aging

National Council on Aging. Fifth Annual Financial Literacy Leadership Conference : October 2012. Ensuring the Economic Security of Older Adults. Ramsey Alwin Senior Director, Economic Security Ramsey.Alwin@ncoa.org. National Council on Aging ( NCOA).

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National Council on Aging

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  1. National Council on Aging Fifth Annual Financial Literacy Leadership Conference: October 2012 Ensuring the Economic Security of Older Adults Ramsey Alwin Senior Director, Economic Security Ramsey.Alwin@ncoa.org

  2. National Council on Aging (NCOA) NCOA is a nonprofit service and advocacy organization. Our mission is to improve the lives of millions of older adults, especially those who are vulnerable and disadvantaged.

  3. Population Growth • 74.8 million • Population 60+ living in the community • 59.5 million • Population 60+ living in the community • 64.9 million • Population 60+ living in the community 2020 2015 2012 • 60+ and • < 250% FPL • 28 • million • 60+ and • < 250% FPL • 24.7 • million • 60+ and • < 250% FPL • 23.2 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.

  4. Cost of Making Ends Meet: Elder Index

  5. Economic Distress: Debt, Unemployment, Foreclosure, Bankruptcy • One-third of seniors are economically insecure • Consumers age 65+ carried $10,235 in average card debt • Older adults are the most likely to be unemployed for 99 wks or longer • 50+ represented 28% of all foreclosures and delinquencies • Baby Boomers accounted for 42% of all bankruptcy filings in 2007. Filings increased 61% from 2002 to 2007, the most recent year examined by ABI.

  6. NCOA’s Mission and Social Impact Goals for 2020 Our mission is to improve the lives of millions of older adults, especially those who are vulnerable and disadvantaged. Economic Security • Improve the economic well-being of 5 million low-income, vulnerable older adults by providing comprehensive, integrated services that significantly increase their income and/or reduce their expenses. • Make holistic, person-centered economic assistance an integral part of U.S. policy for vulnerable and disadvantaged older adults.

  7. Empower & Assist Seniors to Navigate COORDINATION OF EXISTING PUBLIC & PRIVATE RESOURCES

  8. Benefit of Benefits www.BenefitsCheckUp.org

  9. Older Adults Missing Out on Benefits • Each year, low-income older adults miss out on • $20 billion • in benefits that help paying for prescriptions, healthcare, food, and utilities. 86% of older adults currently receiving one federal benefit are also eligible for and not receiving at least one other federal benefit.

  10. BenefitsCheckUp® As of today: BenefitsCheckUp® has helped over 3.2 million older adults find over $11.9 billion worth of annual benefits.

  11. Economic Assistance Consumers receiving a service as a result of an economic action plan and a warm referral

  12. Public & Private Supports Can Close the Gap For more on the Elder Index methodology, visit www.wowonline.org.

  13. Key Community Resources Partners in Aging • Senior Community Service Employment Program (SCSEP) • Area Agencies on Aging (AAA), Councils on Aging, Aging & Disability Resource Centers (ADRCs) • Departments on Aging • State Health Insurance Assistance Programs (SHIPs) • Daily Money Management • Adult Protective Services • Local AARP state offices • HUD Certified Pre-lender reverse mortgage counselors Other Important Partners • Community Action Agencies • Faith-based organizations • Community Development Credit Unions • Foreclosure mitigation specialists • Consumer Credit Counseling Services • Legal services/advocates • Housing Counseling Agencies

  14. Use the Resources Available: Financial Education - Savvy Saving Seniors Series The Savvy Saving Seniors toolkit includes: • A Scripted Facilitator’s Guide • Participant Handbook • Power Point Template • Evaluations • Marketing Materials • All materials can be found: • www.ncoa.org/savvyseniors

  15. Join the Cause, Get Engaged! www.ncoa.org

  16. Ramsey.Alwin@ncoa.org Visit us on the Web at: www.ncoa.org www.oneaway.org www.benefitscheckup.org www.homeequityadvisor.org www.basiceconomicsecurity.org Contact us

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