New research finds a higher cost of living is pushing older Connecticut residents to move.

AARP’s Vital Voices survey finds more than a third of residents age 45 and older have considered leaving the state in the last year to search for lower housing costs and taxes. The state passed bills to reduce the high cost of living, although Nora Duncan, state director at AARP Connecticut, said there's more the state could be doing.

"One is eliminating the remainder of the income tax on Social Security," she said. "Another is a caregiver tax credit, which is modest, probably about $2,000 per person."

The family caregiver tax credit would help the state’s 773,000 caregivers with various aspects of daily life. Duncan noted many in the group surveyed fall into the "sandwich generation," where they care for a family member and raise kids at the same time. She noted this financial squeeze comes from saving for college and helping family members with medical conditions.

But the financial strain doesn’t end with the cost of living. The survey notes 42% of people don’t save for retirement, while another 38% went into credit card debt to afford everyday life. Duncan said this year's survey shows new financial pressures are impacting Connecticut residents age 45 and older.

"One of the most basic necessities, food, has been difficult for 3 in 10 of the 45 to 64-year-olds that we surveyed," she said. "It’s been difficult to afford for them in the past year, and that’s not a finding I’ve seen before."

She said she was also shocked to find 40% of those surveyed don't think they can afford health care. This leads to people skipping medical care overall or cutting back on doses of their prescription drugs.

Source: Public News Service