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Retirees in 41 States and D.C. Face Six-Figure Savings Gaps

Skyrocketing living costs have left most retirees with an average $115,000 funding gap.

A walking frame is left in the room of an elderly resident in a residential care home, on January 22, 2022 in Bristol, England.
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Overview

  • A Seniorly analysis released July 23 projects retirees in 41 states and Washington, D.C. will outlive their savings.
  • The average shortfall between expected retirement spending and income sources is $115,000 per retiree.
  • New York retirees face the deepest deficit at $448,000, with Hawaii, Washington, D.C., Alaska and California rounding out the five worst shortfalls.
  • Only Washington state and Utah show average surpluses of $146,000 and $121,000, respectively, thanks to lower costs and stronger income levels.
  • Income levels, local expenses and extended life expectancies are cited as the primary drivers of the nationwide funding shortfalls.