Gerontology Institute updates Elder Index to show rising senior living costs and financial gap
Updated
Updated · Deseret News · Apr 26
Gerontology Institute updates Elder Index to show rising senior living costs and financial gap
9 articles · Updated · Deseret News · Apr 26
The 2025 Elder Index update finds about 7.7 million single older adults and 5.4 million renting couples lack adequate income, with single renters facing a 47% cost increase over the past decade.
The index reveals significant regional disparities, with Massachusetts, New York, and California among the most expensive states, and highlights that many seniors fall into a 'gap'—earning too much for aid but not enough for basic needs.
Housing costs are the primary driver of hardship, especially for renters, and the index underscores that the federal poverty line fails to reflect seniors' real needs, leaving millions financially vulnerable nationwide.
How can seniors earning just above the poverty line navigate crushing housing and healthcare costs?
With nursing home costs soaring, how can families afford care without losing their life savings?
As millions of seniors fall into a financial gap, what local solutions are proving most effective?
Why are today's seniors entering retirement with more debt than ever before?
What is the hidden economic cost of the nation's reliance on unpaid family caregivers?
Is the American dream of a secure retirement now a myth for the middle class?
Closing the Benefits Gap: Insights from the 2025 Elder Index on Senior Financial Hardship
Overview
The 2025 Elder Index reveals a growing crisis where over half of single older adults, especially renters, lack sufficient income to cover basic living costs, largely due to soaring housing expenses. Many seniors fall into a 'benefits gap,' earning too much to qualify for public aid but too little to live securely, a problem worsened by outdated poverty measures like the Federal Poverty Level. Healthcare costs, particularly long-term care not covered by Medicare, add to financial strain. Social Security benefits cover only about two-thirds of essential expenses for most single renters, while economic insecurity among seniors has increased significantly in recent years. These challenges highlight urgent needs for policy reform and better support systems.