How Rhode Island Ranks In Quality Of Life For Older Americans

By Samuel Stebbins, 24/7 Wall St. Providence

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.

Rhode Island ranks better than most states as a place for older Americans. One of Rhode Island’s benefits is the relative lack of crime. There were 231 violent crimes in the state for every 100,000 people in 2020, well below the national violent crime rate of 399 incidents per 100,000 people.

Access to health care becomes increasingly important for older age Americans who typically need more frequent preventive care and treatment. In Rhode Island, a near nation-leading 89.9% of adults have a personal doctor, well above the 80% share of all American adults. Likely partially as a result, retirement age Rhode Islanders are also relatively healthy. Average life expectancy at age 65 in the state is about 19.5 years, one of the higher averages among states.

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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.