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

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

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.

Maryland’s ranking as the fifth best state in the country for retirement age Americans is due in large part to financial security. The average annual earnings among 65 and older households in the state is $80,477 – well above the $63,522 national average. Additionally, more than two-thirds of 65 and older households in the state have retirement income, the third largest share among states.

Remaining socially engaged throughout retirement can be critical to overall well-being. In Maryland, residents 65 and older belong to an average of 2.5 groups and organizations, more than in all but two other states. Additionally, retirement age Marylanders spent an average of 33 hours volunteering in the past year, compared to the national average of less than 26 hours.

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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.