The Massachusetts Institute of Expertise’s AgeLab not too long ago reported that the averge American life expectancy has risen a few decade since 1950, which implies financial savings should stretch additional than ever earlier than.
Due to elevated longevity, some retirees are operating out of cash, and the place older adults are much less financially safe, different financial issues could comply with, in response to a brand new examine from SmartAsset.
The examine uncovered the place individuals 65 and older are most and least financially safe, primarily based on an examination of knowledge on the 37 largest cities within the U.S.
Researchers ranked the cities throughout the next metrics of economic safety from the Census Bureau’s 2021 American Neighborhood Survey’s 1-year estimates:
- Proportion of seniors under the federal poverty line
- Proportion of seniors who obtain meals stamps/SNAP advantages
- Proportion of seniors who personal their properties
- Proportion of seniors with personal retirement revenue, together with annuities, insurance coverage, IRAs and retirement pensions
- Proportion of seniors who’re housing-cost-burdened, that means they spend 30% or extra of revenue on housing prices, whether or not as house owners or renters
- Housing prices as a proportion of common senior retirement revenue
See the gallery for the 15 U.S. cities the place individuals 65 and older really feel most financially safe, as ranked by SmartAsset.