How well do you compare

 A report called Living below the line, Economic Insecurity and Older Americans, Insecurity in the States Published in September 2016 by Jan E. Mutchler, Yang Li, and Ping Xu, looked at costs faced by seniors over the age of 65.

The Elder Economic Security Standard IndexTM (Elder Index) measures the costs faced by households that include one or two older adults age 65 or older living independently. Developed by the Gerontology Institute at the University of Massachusetts Boston and Wider Opportunities for Women, and maintained through a partnership with the National Council on Aging (NCOA), the Elder Index defines economic security as the income level at which elders are able to cover basic and necessary living expenses and age in their homes, without relying on benefit programs, loans or gifts.

The Elder Index is calculated for every county in the United States; statewide and national averages are also generated. Elder Index expenses include housing, food, transportation, health care, and basic household items including clothing, a telephone, hygiene and cleaning supplies.

The Elder Index is a basic budget, allowing no vacations, restaurant meals, savings, large purchases, gifts or entertainment of any kind.

The 2016 Elder Index for the United State for older adults living in their own homes without a mortgage, the Elder Index is $20,064 annually for an older adult living alone, and $30,576 for an older couple living together.

Estimated costs are higher for renters ($23,364 for singles and $33,876 for couples) and for those who are paying off a mortgage ($30,972 for singles and $41,484 for couples

According to the report half of older adults living alone, and one out of four older adults living in two-elder households, lack the financial resources required to pay for basic needs.

National averages suggest that 53% of older adults living alone, and 26% of older adults living in elder couple households (with an older spouse, partner, or some other older adult), have annual incomes below the Elder Index value.

In every state, more than four out of ten elder singles are at risk of being unable to afford basic needs and age in their own homes.

If you want to see the figures for your state, the full report is here. The numbers for each state start on page 5

As the older adult population grows, the federal government and each state must learn to recognize the economic security gap and those who fall into it. They must also consider whether or not policies contribute to the economic security of older adults living above the poverty line, as they require services and supports beyond emergency aid that contributes to intermediate- and long-term stability goals. Helping all older adults reach economic security is the goal to which elders and those who represent and serve them should aspire.

The report does not offer any solutions to the problem but they do say at the end of the report

Protecting Social Security benefits is essential for older adults, including not only those who are poor but also for those “in the gap,” more than half of whom rely on those benefits for a large majority of their incomes.