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

Boston MA

22 February, 2022

10:23 AM

Description

By Samuel Stebbins, 24/7 Wall St. Boston 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. Massachusetts ranks as the sixth best state to grow old in and the second best in the Northeast. The state's advantages include a relatively healthy older population. At age 65, average life expectancy in Massachusetts is 19.9 years, higher than in all but half a dozen states. Older Massachusetts residents are also among the most likely to be socially engaged with their community. Retirement age residents in the state belong to an average of 2.52 groups and organizations, the most of any state. Additionally, retirement age Massachusetts residents spent an average of 30 hours volunteering in the past year, compared to the national average of less than 26 hours.     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.