Retirement Realities: Can You Live Comfortably on Social Security Benefits Alone After Paying Off Your Mortgage?
Many Americans aspire to pay off their mortgage and retire comfortably, but the rising cost of housing makes this dream challenging for most. A recent report from Realtor.com reveals that only residents in ten states can live comfortably on Social Security benefits alone after paying off their mortgage. The cost of homeownership has increased by 26% over the past five years, leading to hidden expenses like property taxes, utilities, and home insurance that retirees need to cover even after paying off their mortgage.
Delaware tops the list of states where retirees can cover their living expenses with Social Security benefits, with an annual surplus of $1,764. Indiana and Arizona follow closely behind with surpluses of $1,392 and $1,224, respectively. On the other end of the spectrum, Vermont falls short by $8,088 annually, while New Jersey, Massachusetts, and New York are also significantly below the mark.
To find out how retirees in your state are faring and to see the full list of states, visit Realtor.com.