New York Ranks High in States with High Senior Bankruptcy Risk

As we get older, many New Yorkers begin to think about retiring and holding on to the money that we worked so hard to obtain. Do we stay in the Empire State or do we move down south where the weather is warmer and taxes are lower?

Recent info shows that New York  is one of the top states where senior citizens are more likely to lose their cash and face bankruptcy. The study was done by the financial publication Moneywise and they looked at many different factors.

They took into account things like poverty rates, healthcare expenses, debt ratios, and the overall cost of living. They found out the risk score for elderly bankruptcy in each U.S. state.

Get our free mobile app

The study found, New York seniors hold the seventh spot on the list of riskiest states, scoring 59 out of a maximum of 100. This is scary because 22.5% of elderly people in the Empire State fall below the 150% poverty line.

Highest Risk State For Senior Bankruptcy

Taking the lead as the highest-risk state for senior bankruptcy is California with a risk score of 69.72. The financial challenges faced by seniors in the Golden State include a significant portion living below the federal poverty line and rising healthcare costs.

States like Alaska, Massachusetts, and Hawaii also stand out as having high risks of senior bankruptcy. Additionally, Maine, New Hampshire, Vermont, Virginia, and Florida are among the top states where seniors could face financial instability.

Lowest Risk For Senior Bankruptcy

The study found that Iowa is the lowest-risk state for senior bankruptcy, with a risk score of  under 20. States like Nebraska, Wisconsin, North Dakota, and Kansas also rank among the least vulnerable states for senior financial distress.

The study shows that we need a more secure retirement system to help with the financial burdens faced by seniors. With the chance to make money going down and healthcare expenses going up, we need to do more to help our seniors avoid bankruptcy. After all, we all hope to become seniors ourselves.

In the meantime,  here are some ways to save money