Retiring in Mass.? For older adults, a massive wealth gap exists.

While the top third of retired households in the state average a whopping $3.5 million in wealth, the bottom third scrape by with around $55,000, according to a new report from Boston Indicators, the research arm at the Boston Foundation.

The report illustrates the massive wealth gap between the rich and poor. Researchers found that while adults 65 and older tended to make more than their counterparts in other parts of the US, the high cost of living and persistent economic inequality meant the gap for older adults left many of the state’s most vulnerable residents in a precarious situation.

About 80 percent of older adults in low-wealth households for example, did not have sufficient income to meet their basic needs and age in place, the report found. In contrast, in other states, only 63 percent of these households fell short of that.

And while income disparities are smaller among local residents, the prospect of looming cuts to federal programs present yet another challenge.

“What happens if [my husband’s] Social Security disappears or our Medicare?” said Kate Lee-DuBon, 68, a former high school English teacher living in Medway.

“This is a time of real anxiety for everyone,” she said.

While Lee-DuBon counts herself lucky because she has a pension, the recent fluctuations in the financial market have made her more anxious about the future. She avoids looking at her retirement accounts and hopes they’ll eventually recover to their previous value.

“I’m worried about making it to my old age without becoming a financial burden on my children,” she said.

For Black and Latino families, retirement disparities are worse, with nearly three-quarters of non-white households falling into the bottom third of the state’s distribution — a figure that is worse than in many other parts of the US, the report found.

Carolyn Villers, the executive director of the Massachusetts Senior Action Council, which represents 1,300 seniors, points to redlining and housing and employment discrimination among the factors that could lead to these outcomes for people of color.

“The inequities that people face throughout their lifetime kind of compound as they reach retirement,” she said.

Dorchester resident Betty McGuire, 81, worked at Polaroid for nearly three decades. She raised nine children and was able to purchase a three-decker where some family members still live.

But property taxes went up $260 this year, and most recently, outstanding utility bills meant she had to negotiate a payment plan.

While McGuire’s employer offered an individual retirement account when she was working, it wasn’t feasible for her to contribute at the time.

“I just couldn’t find the space or the money to put away, I just needed to take care of the family,” she said.

To combat such massive inequality among older adults, the report’s authors made several recommendation, including for state officials to make it easier for homeowners to defer or reduce their property tax payments as long as they reside in their home.

Currently, the state offers three such programs, but the application process is complex and there are often strict eligibility requirements.

According to estimates from the Center for Retirement Research at Boston College, about 20 percent of Massachusetts property taxpayers participate in tax relief programs for homeowners.

The report also recommends that the state implement an automatic retirement program for workers who do not have access to employer-sponsored retirement savings plans.

Such a program would reduce the number of people who approach retirement with little or no savings and would not affect state coffers, they write.

This story was produced by the Globe’s Money, Power, Inequality team, which covers the racial wealth gap in Greater Boston. You can sign up for the newsletter here.

Esmy Jimenez can be reached at esmy.jimenez@globe.com. Follow her @esmyjimenez.