Seniors facing severe financial collapse in U.S.: Census analysis

Analysis of the 2011 United States Census Bureau data by Interest.com found that seniors in nearly every state are facing tremendous financial strain and are falling short of when it comes to affording their days in retirement.

The study found that seniors across the country are living off of a median household income of $35,107, which is more than half of the median income of those between the ages of 45 and 64. The only seniors to maintain an annual income that meets the savings benchmark recommended by financial planners are in Hawaii and Nevada.

Typically, financial planners suggest retirees to save enough money to replace at least 70 percent of their pre-retirement income. Other seniors to bode well were those living in the states of Arizona, New Mexico and Florida, while the bottom five were Massachusetts, North Dakota, Rhode Island, New Hampshire and New Jersey.

“People who live in a given area are competing with each other for the same goods and services, including housing, cars and groceries,” says Mike Sante, managing editor of Interest.com, in a statement. “This is why we thought it would be useful to compare younger and older adults’ incomes in each state. We found that many senior citizens are significantly underfunded and risk running out of money, especially since people are living longer than they used to and may need to support a two- or three-decade retirement.”

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