"Retirees in Connecticut face one of the widest financial gaps in the nation if they rely solely on Social Security to cover their expenses. According to a Realtor.com® analysis of median Social Security benefits by state and the Elder Economic Security Standard Index, seniors in the Nutmeg State have an annual shortfall of $5,436, or about $453 per month, even with their mortgage paid off."
"The math is clear: without some kind of supplemental income, living in Connecticut would be impossible for seniors. Housing costs as the deciding factor Retirees in Connecticut face average monthly expenses of $2,612, while the median Social Security benefit is $2,159. With housing costs averaging $983 per month, nearly half of a retiree's Social Security check is consumed before food, healthcare, or transportation are factored in."
Retirees in Connecticut face average monthly expenses of $2,612 while the median Social Security benefit is $2,159, producing an annual shortfall of $5,436 ($453 per month) even with a mortgage paid off. Housing-related costs average about $983 per month and total close to $1,000 when property taxes, insurance, and utilities are included, consuming roughly 46% of the typical Social Security benefit. Connecticut has high property taxes and above-average insurance and utility costs. The state offers proximity to major cities, attractive towns, coastal access, and strong healthcare, but Social Security alone is inadequate for most retirees without additional income or savings.
Read at SFGATE
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