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

Cleveland OH

22 February, 2022

11:35 AM

Description

By Samuel Stebbins, 24/7 Wall St. - Cleveland 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. Ohio ranks as a worse place for older Americans to live than most other states. Though Ohio residents benefit from a low cost of living – about 8% below the national average – earnings for older residents are far below average. The typical 65 and older household in the state earns $50,402 a year, about $13,000 less than the comparable national median. By some measures, older Ohio residents appear to have poorer health outcomes than most older Americans, as average life expectancy at age 65 in the state of 18.4 years is the 12th lowest in the country and over 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.