Summary
Social Security benefits alone are only enough for retirees to cover living costs in 10 U.S. states, according to a study by Realtor.com. Rising housing expenses like property taxes and insurance significantly impact this financial balance. The difference in costs means that retirees in states with higher housing expenses face annual shortfalls.
Key Facts
- Social Security is a main source of income for many American retirees.
- A study found retirees can only live on Social Security benefits alone in 10 states.
- Housing costs, including taxes and maintenance, have risen by 26% in five years.
- Average retirees fall short by about $2,762 annually in places where expenses exceed benefits.
- In Delaware, retirees have a surplus of $1,764 with monthly costs at $1,992.
- Vermont shows the largest deficit for retirees, with an annual shortfall of $8,088.
- Housing accounts for 27% of a retiree's budget in surplus states but 32% in deficit states.
- Nearly 22 million retirees nationwide rely solely on Social Security for income.
