New York Is One Of The Best Places To Live For Older Americans

Buffalo NY

22 February, 2022

10:38 AM

Description

By Samuel Stebbins, 24/7 Wall St. Buffalo 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. New York ranks among the 10 best states for retirement age Americans, in part because of the strong health outcomes. At age 65, average life expectancy in New York is 20.2 years, higher than in all but three other states. About half of all New York state residents live in New York City, a place that offers many advantages for older Americans. For one, the city is walkable and boasts the largest public transit system in the United States – a significant plus for many retirement age Americans who do not want, or are no longer able, to drive.     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.