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.
Nevada ranks as the fifth worst state in the country for older Americans. Disadvantages in the state include a far higher than average violent crime rate. There were 460 violent crimes for every 100,000 people in Nevada in 2020, compared to 399 per 100,000 nationwide. Health outcomes for older state residents are also worse than average. Life expectancy at age 65 in the state is just 18.7 years, nearly a year below the national average.
Levels of social engagement among older Nevadans are also low. Only 69.3% of the state population 65 and older spends time with family at least a few times per week, the smallest share of any state, and only 29.7% of Nevada’s 65 and older population report doing a favor for their neighbors at least once a month, the second smallest share of any state.
| Rank | State | Population 65 and older (%) | Avg. annual earnings, 65 and older households ($) | Life expectancy at age 65 (years) |
|---|---|---|---|---|
| 1 | Delaware | 19.5 | 63,962 | 19.2 |
| 2 | Hawaii | 19.0 | 81,027 | 21.1 |
| 3 | Connecticut | 17.6 | 79,202 | 20.3 |
| 4 | Utah | 11.4 | 61,313 | 19.5 |
| 5 | Maryland | 15.9 | 80,477 | 19.4 |
| 6 | Massachusetts | 17.0 | 76,131 | 19.9 |
| 7 | New York | 16.9 | 79,339 | 20.2 |
| 8 | Washington | 15.9 | 66,581 | 19.8 |
| 9 | Colorado | 14.7 | 64,403 | 20.0 |
| 10 | Vermont | 20.1 | 54,525 | 19.8 |
| 11 | New Hampshire | 18.6 | 62,642 | 19.5 |
| 12 | Wisconsin | 17.5 | 46,908 | 19.5 |
| 13 | New Jersey | 16.6 | 79,112 | 19.9 |
| 14 | Oregon | 18.2 | 54,612 | 19.7 |
| 15 | Virginia | 15.9 | 68,435 | 19.3 |
| 16 | Minnesota | 16.3 | 53,272 | 20.0 |
| 17 | Maine | 21.3 | 48,025 | 19.1 |
| 18 | Nebraska | 16.1 | 54,249 | 19.3 |
| 19 | Pennsylvania | 18.7 | 59,513 | 19.1 |
| 20 | Florida | 20.9 | 60,598 | 19.9 |
| 21 | Rhode Island | 17.7 | 69,256 | 19.5 |
| 22 | Idaho | 16.2 | 52,216 | 19.3 |
| 23 | South Dakota | 17.4 | 48,100 | 19.7 |
| 24 | California | 14.8 | 80,459 | 20.3 |
| 25 | Iowa | 17.5 | 49,521 | 19.3 |
| 26 | Michigan | 17.7 | 52,137 | 18.9 |
| 27 | Montana | 19.5 | 48,370 | 19.5 |
| 28 | Illinois | 16.1 | 62,797 | 19.4 |
| 29 | Wyoming | 17.1 | 52,054 | 19.0 |
| 30 | Arizona | 18.0 | 57,469 | 19.6 |
| 31 | Ohio | 17.5 | 50,402 | 18.4 |
| 32 | North Carolina | 16.7 | 52,481 | 18.7 |
| 33 | South Carolina | 18.2 | 51,372 | 18.6 |
| 34 | Kansas | 16.4 | 53,081 | 18.8 |
| 35 | Alaska | 12.4 | 69,443 | 19.2 |
| 36 | Indiana | 16.1 | 51,950 | 18.3 |
| 37 | North Dakota | 15.8 | 62,662 | 19.7 |
| 38 | Georgia | 14.3 | 59,751 | 18.4 |
| 39 | Missouri | 17.2 | 51,940 | 18.4 |
| 40 | West Virginia | 20.5 | 45,532 | 17.6 |
| 41 | Tennessee | 16.7 | 55,990 | 17.9 |
| 42 | New Mexico | 18.0 | 58,485 | 19.5 |
| 43 | Texas | 12.9 | 64,589 | 18.9 |
| 44 | Alabama | 17.4 | 51,601 | 17.6 |
| 45 | Oklahoma | 16.1 | 61,091 | 17.6 |
| 46 | Nevada | 16.2 | 56,563 | 18.7 |
| 47 | Louisiana | 16.0 | 55,809 | 17.9 |
| 48 | Kentucky | 16.9 | 52,989 | 17.5 |
| 49 | Arkansas | 17.4 | 47,041 | 17.9 |
| 50 | Mississippi | 16.4 | 49,422 | 17.5 |
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