Across the U.S., older adults face an average gap of about $115,000 between what they’re projected to spend during retirement and what they’re likely to bring in from Social Security, savings, and investments.
Why it matters: In 41 states and Washington, D.C., retirees are expected to fall short. Only nine states do seniors have enough of a financial cushion to fully cover their costs.
That’s according to findings published by Seniorly, a senior living technology company.
Go deeper: New Yorkers face the largest retirement gap — $448,000 — followed by Hawaii ($417,000) and Washington, DC ($407,000).
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Washington state provides the biggest retirement surplus —$146,000—driven by high projected incomes and moderate expenses followed by Utah ($121,000) and Montana ($43,000).
