In Maine, the average elderly renter spends $23,016 per year, and only brings in $15,500 in income, not including government benefits. With a $7,516 shortfall -- 33% of annual expenses -- all the lobster in the world isn't enough to make the Pine Tree State an attractive option for oldsters.
The average household expenses for an elderly renter in Washington D.C. are a shocking $29,088 -- and the average household income (before Uncle Sam kicks in) is $19,100. While the free museums and cultural offerings are a definite draw for District residents, that average shortfall of just under $10,000 makes D.C. a terrible bet for retirees.
When it comes to the percentage of household expenses that the average elder comes up short every year, Mississippi is tied with Washington, D.C., at a brutal 34%. On the bright side, though, the Magnolia State's cost of living is 27% lower than Washington's, which makes growing old there a bit more attractive.
Start spreading the news: With a yearly shortfall of $9,244, the average elderly renter's household income in New York falls short of its costs by 35%, making it the second-toughest state to grow old in.
In Massachusetts, the average household expenses for a single elderly renter are $27,048 per year. Unfortunately, not including government benefits, the average single elderly renter in the Bay State brings home only $16,800. With a $10,248 yearly shortfall -- 38% of household expenses -- Massachusetts is the harshest state in which to face your sunset years.