How Arizona Ranks In Quality Of Life For Older Americans

Phoenix AZ

22 February, 2022

9:50 AM

Description

By Samuel Stebbins, 24/7 Wall St. Phoenix 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. Much of Arizona has a warm climate year-round, making it an attractive option for many retired Americans. Indeed, 18.0% of Arizona's population are 65 or older, a larger share than in most other states and the 16.5% national average. Still, in other ways, older Americans in Arizona face some noteworthy disadvantages. Arizona has a far higher violent crime rate than much of the rest of the country. There were 485 violent crimes for every 100,000 people in the state in 2020, well above the national violent crime rate of 399 per 100,000. Additionally, by some measures, older Arizona residents are less likely to be socially engaged than other older Americans. Only 80% of the state's 65 and older population spend time with their family regularly compared to 83% of all older Americans, and 38% of Arizona's 65 and older population report doing favors for neighbors at least once a month, compared to about 41% of all older Americans.     Can't see the rest of the article? 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.