Special Report

Maine Is One of the Best Places to Live for Older Americans

Samuel Stebbins

Published: February 21, 2022 12:00 pm

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.

Maine has the largest retirement age population in the country. Some 21.3% of the population are 65 and older, compared to 16.5% of the U.S. population. Maine also ranks better than most other states as a place for older Americans to live.

Maine residents – including retirees on a fixed income – benefit from a low cost of living. Goods and services are about 3% less expensive in the state than they are on average nationwide. Maine’s retirement age residents are also more likely to be financially secure than most older Americans. Only 8.5% of the retirement age population live below the poverty line, compared to the national 65 and older poverty rate of 9.4%.