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

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

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.

Washington ranks among the top 10 best states for older Americans, partially because it is a relatively safe state. There were 294 violent crimes reported in Washington for every 100,000 people in 2020, well below the national violent crime rate of 399 per 100,000.

Older Americans also tend to live longer than average in Washington state. Average life expectancy at age 65 is 19.8 years in Washington, higher than in most other 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.