Kentucky Is One Of The Worst Places To Live For Older Americans

Louisville KY

21 February, 2022

4:21 PM

Description

By Samuel Stebbins, 24/7 Wall St. - Louisville 2022-02-21 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. Kentucky ranks as the third worst state for older Americans, in part because of worse than average health outcomes. Life expectancy at age 65 in Kentucky is just 17.5 years, the lowest in the country and two years below the national average. Financial security is also elusive for many older Kentucky residents. The poverty rate among those 65 and older in the state of 11.6% is the fifth highest in the country and well above the 9.4% national rate. Additionally, the average annual earnings among 65 and older Kentucky households stands at just under $53,000, about $10,500 below the national average. Former public sector employees relying on a pension are drawing from one of the worst funded state pension systems in the country. Kentucky has funding for only about 45% of its pension obligations, one of the smallest shares of any state.     Can't see the article's infographic? Click here to view the original story.This story was originally published by 24/7 Wall St., a news organization that produces real-time business commentary and data-driven reporting for state and local markets across the country.