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) 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.