WKOW 27: Madison, WI Breaking News, Weather and Sports1 in 5 elderly Wisconsinites depends on Social Security alone
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MADISON (WKOW) -- One in five Wisconsin seniors rely solely on Social Security benefits. And While the average benefits from Social Security are above the federal poverty level, they are not enough to cover the basic needs of Wisconsin's seniors.
The average elderly person living in Wisconsin needs between an estimated 18,000 and 25,000 dollars a year just to meet their basic needs such as housing, transportation, and food. But the average benefit from social security in wisconsin is only 15,000 dollars a year.
"Social security was never inteded to be the only source of income for seniors in retirement. However, given the economic downturn, the fact that many people lost on their investments, many people are not going to have the savings that they anticipated in retirement," says Stacy Sanders, Associate Director of the National Elderly Economic Security Initiative.
The Elder Economic Security Standard Index was created by Wider Opportunies for Women and Gerontology Institute at the University of Massachusetts. It illustates the basic cost of living for indiividuals and couples on county by county basis.
These organizations hope this new index will educate the public on just how much they need to save for retirement., and create new eligibility standards for federal, state and local assistance.
For more information on the Elder Economic Security Standard Index click here.
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