Pennsylvania Is One of the Best Places to Live for Older Americans

Samuel Stebbins, 24/7 Wall St. via The Center Square

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.

Pennsylvania has a larger retirement age population than most states. Some 18.7% of the population are 65 and older, compared to 16.5% of the U.S. population. Pennsylvania also ranks better than most other states as a place for older Americans to live.

Pennsylvania residents – including retirees on a fixed income – benefit from a low cost of living. Goods and services are about 2% less expensive in the state than they are on average nationwide. Pennsylvania’s retirement age population are also more likely to be socially engaged than most older Americans. About 50% of retirement age residents report doing favors for neighbors at least once per month, the eighth highest share among states.