Senior Citizens' Incomes Fall Short In 48 States

5:53 PM, Jun 10, 2013   |    comments
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North Carolina ranks 13th out of the 50 states, plus Washington D.C., in a new report on how senior citizens' incomes compare to their younger counterparts.

Conventional wisdom says retirees need 70% of the income they earned during their working years.  North Carolina seniors, ages 65 and up, have an average annual income of close to 63% of their younger counterparts.

Nevada and Hawaii are the only states to reach the 70% threshold.

The fact that social security, instead of pensions and retirement savings, is the primary source of income for a majority of retired Americans may explain why so many seniors don't have a lot of money.

WFMY News 2

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