Rhode Island Cost Of Living Statistics 2023
– Everything You Need to Know

Rhode Island Cost Of Living Statistics 2023: Facts about Cost Of Living in Rhode Island reflect the current socio-economic condition of the state.

LLCBuddy editorial team did hours of research, collected all important statistics on Rhode Island Cost Of Living, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

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Top Rhode Island Cost Of Living Statistics 2023

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Rhode Island Cost Of Living “Latest” Statistics

• In Rhode Island under the previous ERSRI system, the average cost of providing pension benefits for retirees was 11.4% of workers’ salaries.^[1]
• Retirees got a cost of living adjustment COLA maxed at 3% on the first $35,000 of their pensions, or up to $1,050 each year.^[1]
• In Rhode Island, the DB element of the new system is anticipated to have long-term typical costs to the state of around 24.3% of payroll.^[1]

Rhode Island Cost Of Living “Be” Statistics

• After 30 years, the average pension for a full-time state employee in Rhode Island would have been around $33,500 based on a replacement rate of 55.25%.^[1]
• Future full-time workers in Rhode Island will have an average benefit reduction of 14% as a consequence of RIRSA.^[1]
• With used car and truck prices and new vehicle prices typically moderating, the new and used motor vehicles index climbed by 12.5%, the lowest rise in the previous year.^[2]
• Despite a higher-than-average number of adults aged 55 and above still being employed, Rhode Island still has a lower median household income for those 65 and older than the rest of the country.^[3]
• According to research, Rhode Island’s status as one of the states with the oldest populations may be eroding since between 2010 and 2018, the median age increased at one of the nation’s slowest rates—just 1%.^[3]
• The Social Security Administration reports that the average life expectancy between ages 62 and 67 in Rhode Island is 20.9 years, and at age 67, it is 16.3 years.^[1]

Rhode Island Cost Of Living “Other” Statistics

• Although not a lot in comparison to other states, Rhode Island’s senior population is predicted to grow by 75% by 2040.^[3]
• As of fiscal 2010, Rhode Island state pension funds reported a combined funding ratio of just 49%, which is the secondlowest of all states According to Pew Center on the States 2012.^[1]
• A typical future employee in Rhode Island with a complete career, or 30 years of service, would receive about $8,000 less in retirement income annually, or a 14% reduction.^[1]

Also Read

Reference

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1. epi – https://www.epi.org/publication/ib366-rhode-islands-hybrid-pension-plan/
2. bls – https://www.bls.gov/regions/mid-atlantic/news-release/consumerpriceindex_northeast.htm
3. seniorliving – https://www.seniorliving.org/rhode-island/