4. Boston
Boston might be a city that a lot of Americans yearn to live in, but things aren’t so bright for seniors in the capital of Massachusetts. Here, their income averages at $49,131, which might not seem so bad, but looking at the rest of the metrics you’ll see why living here could be quite troublesome.
As many as 25% of seniors rely on SNAP, while more than 1 in 5 of retirees live below the poverty line. Most shocking of all, half of all seniors in the city are constantly burdened by housing costs, meaning that it represents about 40% of their retirement income.
3. New York City
Unsurprisingly, New York City made it on our list. Living in the Big Apple might be a dream come true for some, but it’s not easy for the aging population. We can see why, too, since housing costs make up 37% of the average senior’s retirement income, which is only about $46,904.
18.3% of people over the age of 65 are living below the poverty line.
If you live here and are unsure about your finances during retirement it might be a good call to either relocate or work tirelessly on budgeting and saving enough for your nest egg, so it’s not just the Big Apple but a Big Egg too.
