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

Norfolk VA

22 February, 2022

9:34 AM

Description

By Samuel Stebbins, 24/7 Wall St. Norfolk 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. Virginia ranks among the better states to grow old in, partially because of low crime rates and relative financial security. There were only 209 violent crimes in the state for every 100,000 people in 2020, well below the national violent crime rate of 399 per 100,000. Additionally, the average annual earnings among 65 and older households in the state of $68,435 is 10th highest in the country. Older Virginians are also more likely than most retirement age Americans to be socially engaged. Virginia residents 65 and older belong to an average of 2.4 groups or organizations, the fifth highest such average among states.     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.