You’ll Struggle To Live Well in Massachusetts on Just Your Social Security, Even If Your Mortgage Is Paid Off

Retirees in Massachusetts face steep financial challenges if they plan to rely solely on Social Security.

According to a Realtor.com® analysis of median Social Security benefits by state and the Elder Economic Security Standard Index, the Bay State ranks among the most difficult places in the nation for seniors on fixed incomes.

And the situation would only get worse if something were to happen to those sought after benefits.

Housing costs push seniors into the red with housing

The typical retiree in Massachusetts faces an annual shortfall of $7,345, or about $612 per month, even with their mortgage fully paid.

Additionally, retirees here face average monthly living expenses of $2,634, while the median Social Security benefit is just $2,022 per month. With housing costs averaging $1,007 per month, retirees’ budgets simply cannot keep pace.

With housing consuming nearly half of the average Social Security check, seniors are forced into deficit territory before accounting for food, transportation, or healthcare.

Property taxes and homeowners’ insurance in Massachusetts run well above national averages as well, and utility costs—especially heating during harsh New England winters—add to the strain. Even retirees who own their homes outright find that these ongoing expenses prevent Social Security from covering all of life’s essentials.

Retirement in Massachusetts: high costs, high quality of life

Despite the financial hurdles, Massachusetts remains attractive to retirees for reasons beyond affordability. The state offers excellent healthcare access, particularly in the Boston metro area.

Coastal towns like Cape Cod and the North Shore are popular retirement destinations for their scenic beauty, while western Massachusetts appeals to those seeking a slower pace of life.

Still, without a decent nest egg, it would be hard to enjoy all the amenities of the area, given how much of senior's fixed income would need to go towards housing costs.

National context

Nationally, retirees relying exclusively on Social Security already face an average shortfall of $2,762 annually, or about $230 a month. Massachusetts’ $7,345 deficit is nearly three times worse, ranking third-highest in the nation behind Vermont and New Jersey.

Compared to neighboring states, Massachusetts falls in line with a broader New England affordability crisis. New Hampshire retirees face a $6,564 annual shortfall, while Connecticut’s gap is $5,436. Rhode Island seniors are short $4,164.

The outlook for retirees on Social Security

On top of this, Social Security itself faces solvency risks. Without reform, benefits could be reduced to about 77% of their current levels by 2033. For Massachusetts retirees, such cuts would deepen today’s $7,345 shortfall into a deficit exceeding $11,000 annually.

For seniors in Massachusetts, the financial reality is clear: Social Security alone cannot support a secure retirement, even if the mortgage is paid off. Without significant supplemental income or savings, retirees here will struggle to make ends meet.

This article was produced with editorial input from Dina Sartore-Bodo, Gabriella Iannetta, and Allaire Conte.