Wealth Gaps in the Golden Years: Economic Insecurity for Older Adults in a High-Cost State

By Kelly Harrington, Luc Schuster Boston Indicators. Laura D. Quinby, Center for Retirement Research at Boston College

May 1, 2025

Across the nation, many older adults struggle to make ends meet: the Elder Index from UMass Boston’s Gerontology Institute shows about 30 percent of older households lack the income needed to cover basic expenses and remain in their homes. Whether Massachusetts fares better or worse is unclear—while the state is relatively wealthy, its high cost of living and entrenched inequality leave low-income and older residents of color especially vulnerable. To shed light on these dynamics, this mixed-methods report by Boston Indicators in collaboration with Boston College’s Center for Retirement Research pairs a quantitative assessment—detailing income and wealth sources, the share of older households below Elder Index thresholds, and racial gaps in retirement security—with a qualitative study of structured interviews that reveal how low-income, low-wealth seniors stretch limited resources to make ends meet.