Older adults in the Boston area are struggling to make ends meet as they enter retirement, according to a new report. The high cost of living and economic inequality leaves low-income seniors vulnerable, especially seniors of color.
The report from Boston Indicators and the Center for Retirement Research at Boston College found that 80 percent of low-income older adults in Massachusetts do not have enough assets to meet their basic needs and age in place — higher than the national average of 63 percent. The findings are based on the Elder Index, developed by the Gerontology Institute at the University of Massachusetts Boston.
And although Massachusetts is a wealthier state overall, that wealth is unevenly distributed: The top third of older households hold an average wealth of over $3.5 million; the bottom third averages $50,000 in wealth…