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

Denver CO

22 February, 2022

11:54 AM

Description

By Samuel Stebbins, 24/7 Wall St. Denver 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. Colorado ranks as a better place than most other states for older Americans, largely because of high levels of social engagement, which can be important for overall well-being, especially throughout retirement. The 65 and older population in Colorado spent an average of 46 hours volunteering in the past year, the second highest average among states, and 54.3% of retirement age residents report doing favors for neighbors at least once per month, the largest share among states. Older Americans living in Colorado are also more likely than the average older American nationwide to be financially secure. The average earnings among 65 and older households in the state of $64,403 is about $1,000 higher than the national average, and the 7.2% poverty rate among the state's 65 and older population is well below the 9.4% rate nationwide. 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.