Study shows seniors living in the Northeast have greater difficulty covering basic financial needs

SENIORS LIVING IN Northeastern states are among the most likely to lack sufficient financial resources to cover their day-to-day needs, according to a new report. Half of America's senior population that lives alone – and nearly a quarter of those living in two-person households – struggle to make ends meet.

The study, conducted by researchers from the University of Massachusetts—Boston's Center for Social and Demographic Research on Aging, suggests VermontNew York and Massachusetts have the largest percentages of seniors at least 65 years of age who don't have enough income to cover their basic needs – defined by their ability to cover necessary expenses such as housing, food, transportation and health care without government support programs, loans or gifts.

In Massachusetts, nearly 62% of seniors living alone, and nearly 30% of seniors in two-person households, are considered to be economically insecure. In Vermont, more than 57% of senior singles and nearly 35% of couples are similarly vulnerable. Nationally, an average of 50.3% of singles and 22.9% of couples struggle with basic living expenses.

"Many older adults who live independently do not have the means to live with economic security," according to the report, which also notes "a large proportion of every state's independent older adults lack incomes that would allow them to escape the threat of poverty, to remain independent, and to age in their own homes."

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