Utah Is One Of The Best Places To Live For Older Americans

Salt Lake City UT

21 February, 2022

12:52 PM

Description

By Samuel Stebbins, 24/7 Wall St. - Salt Lake City 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. Retirement age residents comprise a relatively small proportion of Utah's total population. Just 11.4% of state residents are 65 or older, the smallest share of any state. Still, by many measures, Utah ranks among the best places for Americans 65 and older. For one, Utah has one of the best funded pension systems in the country, with funding for nearly 92% of its total obligations, more than all but seven other states. Utah is also a relatively safe state. There were only 261 violent crimes for every 100,000 people in Utah in 2020, compared to 399 per 100,000 nationwide. Older Utah residents are also more likely to be financially secure. More than two-thirds of 65 and older households in the state have retirement income, the fifth largest share among states, and only 6.2% of retirement age state residents live below the poverty line, the third smallest share among states. The cost of living in Utah is also about 5% less than the national average.     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.