Economic Insecurity for Older Adults in a High-Cost State

Kelly Harrington, Laura D. Quinby and Luc Schuster

Issues in Brief from Center for Retirement Research

Abstract: The brief’s key findings are:(1)This study explores whether living in a high-wealth, high-cost state – like Massachusetts – helps or hurts retirees meet their basic needs.(2)In Massachusetts, the cost of living outweighs higher incomes and wealth, so retirees are more likely to struggle than those in other states.(3)Low-income retirees say they often need to adjust to a lower standard of living and that Social Security benefits and housing subsidies are key lifelines.(4)State policymakers could help by: 1) improving property tax deferrals; and 2) adopting an auto-IRA to help workers save if they have no employer plan.

Pages: 9 pages
Date: 2025-05
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