Retiring comfortably on Social Security alone is nearly impossible in most of the United States, according to a new report, which found that only 10 states allow retirees to fully cover their living expenses once the mortgage is paid, The Hill reported.
A new study from Realtor.com highlights the growing financial strain facing older Americans who rely on Social Security, showing that most retirees fall short of covering basic living costs despite owning their homes outright.
The analysis compared median Social Security benefits across states with the Elder Economic Security Standard Index, a benchmark that tracks the minimum expenses required for older adults. The report found that the cost of homeownership has surged by about 26 percent in the past five years, driven largely by what it called “hidden” expenses such as property taxes, utilities, and insurance.
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