To determine the best and worst states in which to grow old, 24/7 Wall St. created an index of various measures related to the income, health, education, and environment of the elderly population aged 65 and over in all 50 states.
To construct the indices we used the min-max normalization method. For reference, a similar methodology was used in constructing HelpAge International’s Global AgeWatch Index and the United Nations’s Human Development Index.
The percentage of elderly households with supplemental retirement incomes, such as 401(k)s and pensions, as well as poverty rates and median household income for the 65 and over population are one-year estimates from the U.S. Census Bureau’s 2018 American Community Survey. Additionally, as a measure of cost of living, we considered data on regional price parity in 2017 from the Bureau of Economic Analysis.
The percentage of non-institutionalized people 65 and over with a disability came from the ACS. We also included life expectancy after the age of 65 from the Institute for Health Metrics and Evaluation’s Global Health Data Exchange for 2017; the percentage of adults who reported having a personal doctor in 2018 from the Kaiser Family Foundation; and the crude elderly mortality rate per 100,000 people 65 and over in each state in 2018, also from the CDC.
The share of people 65 and over with a bachelor’s degree or higher came from the ACS.
Environment and Accessibility
2018 violent crime rates came from the FBI’s Uniform Crime Report, and the share of workers who walk or use public transportation is from the ACS, which is meant to be a proxy for the reach and quality of public transportation within the state. The concentration of social establishments — civic organizations, bowling centers, golf clubs, fitness centers, sports organizations, religious organizations, political organizations, labor organizations, business organizations, and professional organizations — as well as the number of hospitals in the state came from County Business Patterns and are for 2017. Establishment data was adjusted for the number of residents 65 and over using population data from the ACS.
Sponsored: Tips for Investing
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.