The average older American living independently does not have the means to meet basic standards of living, according to a report published by Wider Opportunities Women (WOW) and the Gerontology Institute at the University of Massachusetts Boston. The report, “Seniors Nationwide Are Nowhere Near Economic Security,” calculates the average income for retirees for each state in the country, as well as their costs of living. While older Americans in some regions are faring better than in others, their costs exceed their income by at least $1,000 per year in every state.
Based on the report, 24/7 Wall St. identified the 10 states with the largest gap between the costs of living and the average elderly income, also known as the economic security gap. In these states, the average independent senior is short at least $6,000 each year. In the worst case, the difference between expenses and income is more than $10,000 annually.
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