"The typical retiree in Massachusetts faces an annual shortfall of $7,345, or about $612 per month, even with their mortgage fully paid. Additionally, retirees here face average monthly living expenses of $2,634, while the median Social Security benefit is just $2,022 per month. With housing costs averaging $1,007 per month, retirees' budgets simply cannot keep pace. With housing consuming nearly half of the average Social Security check, seniors are forced into deficit territory before accounting for food, transportation, or healthcare."
"With housing consuming nearly half of the average Social Security check, seniors are forced into deficit territory before accounting for food, transportation, or healthcare. Property taxes and homeowners' insurance in Massachusetts run well above national averages as well, and utility costs-especially heating during harsh New England winters-add to the strain. Even retirees who own their homes outright find that these ongoing expenses prevent Social Security from covering all of life's essentials."
Retirees in Massachusetts who rely solely on Social Security face significant financial shortfalls. The typical retiree has an annual gap of $7,345, about $612 monthly, even with a paid-off mortgage. Average monthly living expenses are $2,634 while the median Social Security benefit is $2,022. Housing averages $1,007 per month and consumes nearly half of the average benefit. Property taxes, homeowners' insurance, and high utility bills—especially heating—add further strain. Even homeowners without mortgages often cannot cover essentials on Social Security alone. Massachusetts offers strong healthcare and appealing locations, but limited savings hinder access to amenities.
Read at SFGATE
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