Nearly 300,000 Massachusetts residents aged 65 and above are unable to cover the cost of basic necessities according to the 2016 Elder Economic Security Standard Index. More than 60% of single older adults in the state can’t afford food, housing, or other living expenses, the second highest rate in the country. Women are more likely to be worse off financially than their male counterparts, with 72% of women living alone not making enough to cover their expenses.
By 2030, 1 in 5 residents will be age 65 or over, meaning that more needs to be done by the state in order for these residents to have a financially secure future.
Source: Boston Globe