Ohio Is One of the Worst Places to Live for Older Americans
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 $13,000 less than the comparable national median.
By some measures, older Ohio residents appear to have poorer health outcomes than most older Americans, as average life expectancy at age 65 in the state of 18.4 years is the 12th lowest in the country and over a year below the national average.
RankStatePopulation 65 and older (%)Avg. annual earnings, 65 and older households ($)Life expectancy at age 65 (years)1Delaware19.563,96219.22Hawaii19.081,02721.13Connecticut17.679,20220.34Utah11.461,31319.55Maryland15.980,47719.46Massachusetts17.076,13119.97New York16.979,33920.28Washington15.966,58119.89Colorado14.764,40320.010Vermont20.154,52519.811New Hampshire18.662,64219.512Wisconsin17.546,90819.513New Jersey16.679,11219.914Oregon18.254,61219.715Virginia15.968,43519.316Minnesota16.353,27220.017Maine21.348,02519.118Nebraska16.154,24919.319Pennsylvania18.759,51319.120Florida20.960,59819.921Rhode Island17.769,25619.522Idaho16.252,21619.323South Dakota17.448,10019.724California14.880,45920.325Iowa17.549,52119.326Michigan17.752,13718.927Montana19.548,37019.528Illinois16.162,79719.429Wyoming17.152,05419.030Arizona18.057,46919.631Ohio17.550,40218.432North Carolina16.752,48118.733South Carolina18.251,37218.634Kansas16.453,08118.835Alaska12.469,44319.236Indiana16.151,95018.337North Dakota15.862,66219.738Georgia14.359,75118.439Missouri17.251,94018.440West Virginia20.545,53217.641Tennessee16.755,99017.942New Mexico18.058,48519.543Texas12.964,58918.944Alabama17.451,60117.645Oklahoma16.161,09117.646Nevada16.256,56318.747Louisiana16.055,80917.948Kentucky16.952,98917.549Arkansas17.447,04117.950Mississippi16.449,42217.5
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