New York Retirees Among Most Financially Insecure in Country

A new national survey claims seniors living in New York are among the top 10 most vulnerable of going bankrupt.

Imagine working hard your entire life and retiring into your perfect home, expecting to spend your sunset years never having to worry about money again. Sadly, that achievement is becoming more and more of a fantasy in recent years and, depending on the state you live, could be even less of a reality.

If you live in New York, the threat of going bankrupt is extremely high.

It's no secret the Empire State is one of the most unaffordable places in the country.  A recent report found those living in New York pay an average of $40,000 a year just to own a home. Topping that off is the fact that New Yorkers pay the second highest auto insurance rates in the United States.

Adding insult to injury is a separate article determined New Yorkers pay the most for food. With all that said, it's no wonder a recent "Happiness Survey" determined that New Yorkers need to make at least $132,825 at minimum to live comfortably in the state.

Read More: New York Ranks Dead Last Among States for Affordability 

Now another report says New York seniors are some of the most at-risk retirees to lose everything. The study came from Moneywise, which compared all 50 states across roughly a dozen key factors that statistically increase one's risk of bankruptcy.

Apparently, senior citizens make up roughly 8 percent of bankruptcy filings, but that trend is unfortunately increasing due to the ongoing financial constraints of inflation and economic uncertainty.

Factors included poverty rates, debt-to-income ratios, healthcare expenses, and overall cost of living.  In the end, New York ranked 7th worst overall.

The study also determined roughly a quarter of New York's elderly population lives 150% below the poverty line.

Central New York has seen a surge in older adults falling below the poverty line, with Syracuse seeing a 43% jump over the past decade. That is the third-largest increase in the entire state, only outdone by Rochester (64%) and Saratoga County (50%), according to the Center for an Urban Future.

As for the state that topped the list, that would be California in the #1 spot, which should come as little surprise.

Here's what the rest of the top 10 states with the highest risk of bankruptcy for seniors looked like:

1. California
2. Alaska
3. Massachusetts
4. Hawaii
5. Maine
6. New Hampshire
7. New York
8. Vermont
9. Virginia
10. Florida

Conversely, the best states for financial health of retirees was Iowa, followed respectively by Nebraska, Wisconsin, North Dakota, and Kansas in rounding out the top 5.

Do you agree New York deserves a seventh-place finish or should it be located elsewhere within the top 10? Let us know by giving us a shout using the chat feature on the station app.

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