1 in 5 seniors rely on Social Security

MADISON (AP) - A study of the economic needs of the elderly shows one in five Wisconsin seniors rely solely on Social Security benefits to live.

The average senior in Wisconsin needs about $18,000 to $25,000 annually just to meet basic needs of housing, transportation and food. But, the average benefit from Social Security for elderly Wisconsinites is $15,000 a year.

Stacy Sanders is associate director of the National Elderly Economic Security Initiative. She says Social Security was never intended to be the only source of income for retirees, but with the sour economy, many have lost investment money and don't have the savings they anticipated.

The Elder Economic Security Standard Index was created at the University of Massachusetts. It illustrates the basic cost of living for individuals and couples on county-by-county basis.