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

5. New Jersey

Elderly economic security gap: $7,960
Median elder income: $20,000 (5th highest)
Annual cost of comfortable living for an elder: $27,960 (2nd highest)
Life expectancy in years: 79.7 (tied, 15th longest)
Housing costs per month: $1,091 (2nd highest)
Health care costs per month: $442 (2nd highest)

The average retiree’s income in New Jersey is $20,000, the fifth-highest in the U.S. Expenses, however, are even higher, according to WOW’s Economic Security Database. The average senior citizen renting an apartment spends nearly $1,100 per month on housing, and an additional $437 per month on health care. The combined annual costs of housing and health care come to $18,396. Fortunately for senior citizens living in the state, transportation costs are the lowest in the country, at just $202 per month.

(iStock Photo)

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

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