How Michigan Ranks In Quality Of Life For Older Americans

Grand Rapids MI

21 February, 2022

2:08 PM

Description

By Samuel Stebbins, 24/7 Wall St. - Grand Rapids 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. As is the case in much of the Midwest, Michigan has a relatively low cost of living, which can be especially important for retirees living on a fixed income. Goods and services in the state are about 6% less expensive than they are on average nationwide. Michigan's 65 and older population are also less likely than average to live below the poverty line and are more likely to have a source of retirement income. Older Michigan residents tend to have poorer health outcomes than the typical retirement age American. Life expectancy at age 65 in the state is 18.9 years, over half a year below 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.