Findings, declarations relative to elder economic security

1. The Legislature finds and declares that low-income elderly residents of the State are pressured by a widening gap between their increasing housing, health care, fuel, and utility expenses and their fixed incomes. Unfortunately, when income falls short of needs, the value of public support programs is often compromised by insufficient funding, low income limits, and asset limits that discourage savings. The New Jersey Elder Economic Security Standard Index (NJ Elder Index) is a tool that measures the income older adults require to make ends meet and to remain in their own homes. The NJ Elder Index and related data helps elders and policymakers quantify elder economic security; examine the components of economically secure elders' basic expenses; measure how well public policies can help fill these gaps; evaluate current income support programs' ability to move individuals toward economic security; calculate New Jersey's elder economic insecurity rate; and identify who is most likely to lack security.