You'll Struggle To Live Well in Alaska on Just Your Social Security, Even If Your Mortgage Is Paid Off

"Retirees in Alaska face one of the harshest financial gaps in the nation when attempting to live on Social Security alone. According to a Realtor.com® analysis of median Social Security benefits by state and the Elder Economic Security Standard Index, the average retiree in Alaska experiences an annual shortfall of $4,152, or about $346 per month, even with their mortgage fully paid. While that might not seem like a lot to some, it could mean all the difference to someone on a fixed income."

"Retirees in Alaska face average monthly living expenses of $2,141, while the median Social Security benefit is just $1,795 per month. Housing alone-at $623 per month-consumes over a third of those benefits, before food, transportation, and healthcare are factored in. That $623 per month goes primarily to property taxes, insurance, utilities, and maintenance. While this is lower than in states like New Jersey ($1,304) or Massachusetts ($1,007), Alaska's lower-than-average Social Security benefit leaves seniors in a deficit despite somewhat more modest housing bills."

"Alaska is unique in its appeal to retirees. Its rugged landscapes, outdoor opportunities, and sense of independence attract those looking for a different kind of retirement. However, its remoteness drives up prices on everything from groceries to healthcare. Limited access to services-particularly in rural areas-can add additional costs, such as travel for medical care. With that said, healthcare costs in Alaska consistently rank among the highest in the U.S., creating another barrier for seniors trying to stretch Social Security dollars."

Alaskan retirees relying solely on Social Security face an annual shortfall averaging $4,152, about $346 per month, even with mortgages fully paid. Average monthly living expenses total $2,141 while the median Social Security benefit is $1,795. Housing costs average $623 per month, consuming over a third of the median benefit and covering property taxes, insurance, utilities, and maintenance. Higher prices for groceries and healthcare, driven by remoteness and limited rural services, further strain budgets. Healthcare costs in Alaska rank among the highest nationally. The Alaska Permanent Fund provides supplemental dividends but does not fully close the gap for many seniors.

Read at SFGATE