Retirees in North Jersey need between $25,000 and $50,000 a year for basic living costs, according to a new report that warns that many seniors don't have adequate savings or pensions to pay those bills.The report from the New Jersey Foundation for Aging purports to offer a realistic measure of what a retiree over 65 needs to "live with dignity" in each county.
A single senior living in a home that is paid off needs $26,600 a year in Bergen County and $25,704 in Passaic, the report found. Retired couples who still have a mortgage can expect to spend $50,565 a year in Bergen and $50,443 in Passaic on basic housing, food, transportation, health care and miscellaneous expenses.
Those numbers assume an over-65 retiree is in good health, prepares and eats meals at home, maintains and drives a car, and does not live in an assisted living center, nursing home or subsidized housing.
Many also don't stop to consider how much their annual living costs will increase over the years or how their nest eggs could evaporate if they live into their 90s and beyond.
Yearly costs could rise anywhere from $7,500 to $43,000 if a senior needs care and doesn't have long-term-care insurance to cover it, the foundation has said.
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Retirees Priced Out of Bergen and Passaic
I have heard the theory that big cities have raised their taxes on purpose to force out the elderly with fixed incomes - freeing up the housing for the young money makers.
ReplyDeleteIs shows how inequitable the Social status in this country is removed from equality and justice for those who
ReplyDeletehelped built an economy, only to be cast aside, and their meager assets taken away, if they get sick and need care in their advancing years. That is when Gardianship Abuse and Exploitation gains legal ground