CNA 2022-25 vFINAL 09202022 MASTER COPY - Flipbook - Page 23
Table 4: Comparative Economic Security Rates, 2020
Source: UMass-Boston Gerontology Institute
It is important to note here that, across the country, Social Security benefits alone do not cover retirees9
basic expenses and meet the level of the Elder Index. In Steuben and Yates Counties, the average income
of people living on Social Security benefits with no other retirement income is about 77% of the Elder
Index. This level is in the highest quartile of counties in the country.41
Social Security benefits fall short of what is required to cover the basic cost of living across the United
States, according to new estimates based on the Elder Index. Nationally, the average Social Security
benefit covers just 68% of basic living expenses of housing, food, transportation, and health care for
a single renter in 2021, and 81% for an older couple. The gap between Social Security benefits and
what it takes to get by is especially problematic for older adults who rely largely or entirely on Social
Security, including nearly a quarter of adults aged 65 or older who depend on Social Security for 90%
or more of their family income&. Social Security benefits remain too low to support a financially
secure lifestyle in virtually every community in America.42
5. Median Household Income, Median Family Income, and Per Capita Income
Median household income, median family income, and per capita income are other key indicators of
income that take in a larger group of people than those paid wages for work. In other words, these
indicators do not exclude those who are not working or are receiving disability benefits or Social Security.
