RI Ranked 24th Best State for Older Americans

RI Ranked 24th Best State for Older Americans

Rhode Island is ranked as the 24th best state in the country for older Americans, according to a new report from 24/7 Wall St.

“Rhode Island ranks relatively poorly in the income category of our index gauging the best states for older Americans. With 11.2% of residents 65 and over living in poverty, the state has one of the highest senior poverty rates of any state,” writes 24/7 Wall St. about Rhode Island.

24/7 adds, “However, in other categories, such as health and education, it ranks better than the majority of states for older Americans.”

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This report comes a month after a WalletHub study ranked Rode Island as the third-worst state to retire.

 

RI by the Numbers:

• Life expectancy at age 65: 84.6 years (tied – 15th highest)
• 65 and older poverty rate: 11.2% (5th highest)
• 65 and older pop. with a disability: 32.4% (17th lowest)
• Median income for 65 and older households: $42,424 (19th lowest)
• Population 65 and older: 182,645 (17.3% – 14th highest)

 

The Rankings

Colorado is ranked as the best state for older Americans, while West Virginia is ranked as the worst state for older Americans.

The Method

Using data from sources including the U.S. Census Bureau and the Centers for Disease Control and Prevention, 24/7 Wall St. created an index of measures related to income, health, education, environment, and access to in order to identify the best and worst states for older Americans. 

One component in the index is income.

According to 24/7 Wall St., older Americans who are struggling financially may be unable to retire at age 65, even though they may want to. As of 2016, the share of Americans between ages 65 and 74 who were still in the labor force was 26.8% — up from 17.5% two decades earlier.

Indeed, retirement is expensive and requires careful planning.

Another critical component is health. As Americans age, remaining healthy can become increasingly difficult. States with higher life expectancies at age 65 and those where larger shares of older residents have a personal doctor or health care provider ranked better in this index.