The COVID-19 epidemic resulted in a significant increase in retirements in the United States labor force. There were 2.4 million more retirees than there would have been otherwise in the first 18 months of the pandemic, according to estimates from experts.
An estimated 19.3 percent of the U.S. population was retired as of mid-2021, the highest share in at least the last 25 years, in part as a result of the historical growth in retirement age.
The health dangers posed by the epidemic, as well as soaring asset prices – particularly in property and the stock market – that made retirement financially realistic, were the two biggest reasons older Americans departed labor for good in recent months.
Indeed, health and financial stability are just two of the numerous elements that influence the total quality of life into old age, and they are interconnected. Here’s a look at how much it will cost you to live comfortably in each state when you retire.
In light of record-high retirement rates, 24/7 Wall St. developed an index based on more than a dozen important socioeconomic indicators to identify the best and worst places to retire.
Health, financial well-being, personal safety, and social participation of the 65-and-older populations in each state were among the factors considered when determining the measures.
The state of Tennessee is ranked as the 10th worst state for older Americans, in part because of the high prevalence of crime in the state.
Having a violent crime rate of 673 occurrences per 100,000 people, Tennessee ranks third among the most hazardous states in the United States. In order to put this into context, the national violent crime rate is 399 per 100,000 people.
Tennessee adults over the age of 65 have poorer health results than the national average. The state’s life expectancy at age 65 is barely 17.9 years, making it one of the states with the lowest life expectancy and more than a year and a half less than the national average.
Older Tennessee residents are also more likely than the average American over the age of 65 to live below the poverty line, and they are less likely to have retirement income than the average American over the age of 65.