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24/7 Wall St.: States Where Seniors Cannot Afford to Live

1. Massachusetts

Elderly economic security gap: $10,248
Median elder income: $16,800 (20th lowest)
Annual cost of comfortable living for an elder: $27,048 (5th highest)
Life expectancy in years: 80.1 (6th longest)
Housing costs per month: $994 (6th highest)
Health care costs per month: $440 (3rd highest)

The average, single, independent senior earns just $16,800 a year in Massachusetts, the 20th lowest amount in the country, according to WOW’s Elder Index. Meanwhile, the costs of living in the state for a retiree to live securely are $27,048 a year, the fifth-highest in the country. The resulting gap between income and expenses is over $10,000 annually — by far the largest in the country. In order to meet their basic needs, Massachusetts residents need to spend $440 each month on health care, $243 on food and nearly $1,000 on housing.

More From 24/7 Wall St.:
The 10 Most Educated Countries in the World
American Companies Running Out of Cash
States Sunk by Underwater Mortgages

The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

(AP Photo)

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