What's Happening?
A recent analysis by Realtor.com has identified ten states where retirees can live solely on Social Security benefits. The study compared median Social Security benefits with the Elder Economic Security Standard Index, which tracks basic living costs for older adults. It found that housing costs, including property taxes, insurance, utilities, and maintenance, have risen significantly, impacting retirees' ability to live comfortably. In states like Delaware, Indiana, and Arizona, retirees enjoy a surplus, while states like Vermont and New Jersey face significant shortfalls.
Why It's Important?
The findings highlight the growing challenge for retirees relying on Social Security, as housing costs continue to rise. This situation underscores the importance of financial planning for retirement, especially in states with higher living costs. The data may influence policy discussions on Social Security benefits and housing affordability, impacting millions of seniors who depend on these benefits as their primary income source.
