The COVID-19 pandemic ushered in a surge of retirements across the U.S. labor force. Experts estimate that in the first 18 months of the pandemic, there were 2.4 million more retirements than there would have otherwise been. Due in part to the historic increase, an estimated 19.3% of the U.S. population were retired as of mid-2021, the largest share in at least the last 25 years.
The two primary reasons older Americans left the workforce for good in recent months were the health risks posed by the pandemic and rising asset values - particularly in housing and the stock market - that made retirement financially feasible. Indeed, health and financial stability are two of many factors that affect overall quality of life throughout old age. Here is a look at what it costs to retire comfortably in every state.
With retirements at historic levels, 24/7 Wall St. created an index of over a dozen key socioeconomic measures to identify the best and worst states to grow old in. The measures were chosen to gauge the health, financial well-being, safety, and social engagement of 65 and older populations in each state.
Only five states rank worse as a place for older Americans to live than Oklahoma. Remaining socially engaged throughout retirement can be critical to overall well-being, and some key measures of social engagement for older Americans are far below average in Oklahoma. For example, only about 36% of retirement age residents report doing favors for neighbors at least once per month, well below the 41% share of older Americans nationwide. Additionally, Oklahoma residents 65 and older belong to an average of 2.0 groups and organizations, the 10th smallest share among states.
Health outcomes are also below average for older Oklahoma residents. Life expectancy at age 65 in the state is just 17.6 years, the fifth lowest of any state and about two years below the national average.
RankStatePopulation 65 and older (%)Avg. annual earnings, 65 and older households ($)Life expectancy at age 65 (years)1Delaware19.563,96219.22Hawaii19.081,02721.13Connecticut17.679,20220.34Utah11.461,31319.55Maryland15.980,47719.46Massachusetts17.076,13119.97New York16.979,33920.28Washington15.966,58119.89Colorado14.764,40320.010Vermont20.154,52519.811New Hampshire18.662,64219.512Wisconsin17.546,90819.513New Jersey16.679,11219.914Oregon18.254,61219.715Virginia15.968,43519.316Minnesota16.353,27220.017Maine21.348,02519.118Nebraska16.154,24919.319Pennsylvania18.759,51319.120Florida20.960,59819.921Rhode Island17.769,25619.522Idaho16.252,21619.323South Dakota17.448,10019.724California14.880,45920.325Iowa17.549,52119.326Michigan17.752,13718.927Montana19.548,37019.528Illinois16.162,79719.429Wyoming17.152,05419.030Arizona18.057,46919.631Ohio17.550,40218.432North Carolina16.752,48118.733South Carolina18.251,37218.634Kansas16.453,08118.835Alaska12.469,44319.236Indiana16.151,95018.337North Dakota15.862,66219.738Georgia14.359,75118.439Missouri17.251,94018.440West Virginia20.545,53217.641Tennessee16.755,99017.942New Mexico18.058,48519.543Texas12.964,58918.944Alabama17.451,60117.645Oklahoma16.161,09117.646Nevada16.256,56318.747Louisiana16.055,80917.948Kentucky16.952,98917.549Arkansas17.447,04117.950Mississippi16.449,42217.5
via Oklahoma's Center Square News
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