New York ranks in the top five worst states for residents to grow old in financially. Connecticut places in the top 10. That’s according to a recent report released by the University of Massachusetts Boston.
The report says these seniors face the greatest economic insecurity in the U.S.
Kristen McManus, senior program specialist at AARP New York, says these older Americans aren’t able to cover their own living expenses or age-in-place without financial assistance.
“New York also has a lot of people who what the study calls ‘the gap.’ And those are the people who are not quite low-income enough they can rely on safety net services and public benefits, but not wealthy enough where they are getting by without any issue.”
Nora Duncan, AARP Connecticut state director, says that couples fare better than seniors who live alone.
“The economics of sharing responsibilities of having the possibility, and not always, of having two Social Security checks coming in. That alone is going to make a difference.”
McManus and Duncan spoke on WSHU’s The Full Story.
