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Economic Insecurity for Older Adults in a High-Cost State

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  • Kelly Harrington
  • Laura D. Quinby
  • Luc Schuster

Abstract

The brief’s key findings are:(1)This study explores whether living in a high-wealth, high-cost state – like Massachusetts – helps or hurts retirees meet their basic needs.(2)In Massachusetts, the cost of living outweighs higher incomes and wealth, so retirees are more likely to struggle than those in other states.(3)Low-income retirees say they often need to adjust to a lower standard of living and that Social Security benefits and housing subsidies are key lifelines.(4)State policymakers could help by: 1) improving property tax deferrals; and 2) adopting an auto-IRA to help workers save if they have no employer plan.

Suggested Citation

  • Kelly Harrington & Laura D. Quinby & Luc Schuster, 2025. "Economic Insecurity for Older Adults in a High-Cost State," Issues in Brief ib2025-11, Center for Retirement Research.
    • Handle: RePEc:crr:issbrf:ib2025-11
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    File URL: https://crr.bc.edu/economic-insecurity-for-older-adults-in-a-high-cost-state/
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