Where seniors are least financially secure
5. Chicago (tie)
Now it’s time to look at cities where living during retirement may be exceedingly uncomfortable.
In Chicago, 46.4% of seniors are housing cost-burdened, which is definitely an issue since here, the average retirement income is around $49,000.
Furthermore, 20% of those over the age of 65 rely on food stamps or assistance from SNAP, and a heartbreaking 15% live below the poverty line.
5. Baltimore (tie)
Baltimore actually tied with Chicago in the study, given the metrics and the fact that the average senior retirement income was $40,604 in 2018.
Here, 6 out of 10 seniors own their own homes, but costs are known to be extremely high. As such, reports show that 4 out of 10 seniors in Baltimore are heavily burdened by housing costs. If you live here it might be a better idea to consider renting during retirement.
21% of seniors rely on financial assistance for food, while 17% live under the poverty line.
