Older Adults In 41 States & D.C. Projected To Outlive Retirement Savings

Older adults in 41 states and the District of Columbia are likely to outlive their retirement savings by an average of $109,000, according to a recent report. Older adults in the remaining nine states are projected to have a retirement surplus. The projected shortfalls are largely driven by the cost of living, particularly housing, health care, and long-term care.

Nationwide, expected retirement income for a person age 65 averages $798,000, derived from Social Security benefits and other assets over an average remaining retirement life expectancy of 18.9 years. Average spending on essential expenses is estimated at . . .