How Illinois Ranks In Quality Of Life For Older Americans

By Samuel Stebbins, 24/7 Wall St. - Chicago

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.

Illinois ranks in the bottom half of all states for quality of life for the 65 and older population. Though state residents 65 and older are more likely than most older Americans to have some form of retirement income, pension payments for retired public sector workers in the state are on relatively shaky ground. Illinois has funding for only about 40% of its pension obligations, the smallest share of any state.

Older Illinois residents living in and around the city of Chicago have access to a reliable public transit system, which can be critical for older Americans who are no longer able to drive. Disadvantages in the area, however, include high rates of crime. Due in no small part to criminal violence in Chicago, the Illinois’ violent crime rate of 426 incidents per 100,000 people is higher than in most states and above the 399 per 100,000 national rate.

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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.