Retirees in New York face one of the steepest financial gaps in the nation when relying solely on Social Security. According to a Realtor.com® analysis of median Social Security benefits by state and the Elder Economic Security Standard Index, the typical retiree in New York experiences an annual shortfall of $7,248, or about $604 per month, even with their mortgage fully paid.
According to a Realtor.com® analysis of median Social Security benefits by state and the Elder Economic Security Standard Index,, the average retiree in Alabama ends up with an annual surplus of $576, or about $48 a month, after paying for essential living costs. While it may not seem like a lot, the extra funds are more than homeowners have in most of the country, and can be put to good use in future-proofing a home.