The Elder Index™ is a publicly available tool to gauge economic security among older Americans. The Elder Index measures the cost of fulfilling basic needs for people aged 65 years or older who live independently in one- or two-person households.

Developed by the Gerontology Institute at the University of Massachusetts Boston in collaboration with a national advisory board, the Elder Index defines economic security as the income level at which older adults are able to cover basic and necessary living expenses and age in their homes, without relying on means-tested income support programs, loans or gifts. Elder Index expenses include housing, food, transportation, health care, and basic household items including clothing, a telephone, hygiene items, and cleaning supplies.

The Elder Index is a basic budget, allowing no vacations, restaurant meals, savings, large purchases, gifts, or entertainment. Costs are stratified based on whether a person lives alone (single) or with another older adult (couple); whether the residence is rented or owned (with or without a mortgage); and also based on health status (excellent, good, or poor).

The Congressional Budget Office cites the Elder Index as the most commonly used measure of retirement adequacy, noting that it is the only adequacy measure that is oriented specifically to older people and that takes into account the unique demands of housing and medical care on older budgets.

Values of the 2020 Elder Index for all counties, all 384 metropolitan areas, every state, and the nation as a whole are available at www.elderindex.org.