About 25 percent of New Jersey’s elderly cannot meet their basic living expenses, according to the New Jersey Foundation for Aging, which says rising rents of the last three years have made it difficult for most seniors to meet expenses.
According to the NJFA, the cost of living since 2009 has increased eight percent. If that doesn’t sound like a lot, try living on a social security income that isn’t rising as fast.
The NJFA says that 25 percent of New Jersey seniors live on social security as their only source of income. The average Social Security for a woman is $14,848, but according to its Elder Economic Index, the average living expenses for a one-bedroom apartment in New Jersey are nearly $28,000.