As shown in the Pennsylvania Elder Economic Security Standard, a PathWays PA publication that measures the cost of living for older adults, retiring and being able to “age in place” is truly expensive. Depending on housing, health, and other circumstances, elders living along in Pennsylvania need between $14,012 and $23,386 a year just to cover their basic living costs. Even though Social Security is not enough to cover just the basic costs, one out of four retired elders in Pennsylvania rely on it as their only source of income.
Far too many Pennsylvanians are in danger of experiencing an economically insecure retirement. It is time to speak honestly about this difficult subject – the goal of Retire PA, a Pennsylvania Treasury Retirement Security Initiative, is to open this dialogue important to all of us.
Women, in particular, should visit Retire PA as they are at greater financial risk in retirement and may not recognize that risk early enough. On average, women make less money than men and take 13 years off from paid work during their careers - usually to care for others. As a result, women's retirement savings, pensions, and Social Security payments are often tragically inadequate. Women also live longer and are roughly three times more likely than men to fall into poverty for the first time in retirement.
No matter what set of financial circumstances you face, you can save something for retirement. Retire PA offers the resources on to encourage all Pennsylvanians to save a little, save a lot, save something for retirement.