New report highlights economic insecurity among Massachusetts seniors
A new report on economic insecurity for older adults in Massachusetts shines a light on seniors in the state who are unable to meet their basic needs.
The report, Wealth Gaps in the Golden Years: Economic Insecurity for Older Adults in a High-Cost State, breaks senior households in the state into thirds based on wealth. The top third holds an average of $3.5 million in wealth per household. In stark contrast, the bottom third’s household average is $50,000.
A stunning statistic: 80% of older households in Massachusetts that are in the bottom third of wealth do not have enough income to meet their basic needs, compared to 63% nationally.
The report also found that for many senior households in the bottom third, subsidized housing is a lifeline. Even for older adults who own homes, property taxes and maintenance keep them constantly evaluating whether they can afford to stay. For many, subsidized housing is the answer.
Published by Boston Indicators at the Boston Foundation and the Center for Retirement Research at Boston College, the report uses findings from the Elder Index, developed by the Gerontology Institute at the University of Massachusetts Boston.
Read more about the report at GBH with insights from Amy Schectman, Saul and Gitta Kurlat Chief Executive Officer of 2Life Communities.
