Seniors want data when searching for the best place to retire. While the younger people have their own lifestyle criteria, older adults have stricter requirements because as they grow older, their needs expand. Data helps seniors determine where to live
AARP claims Social Security is the foundation of retirement and 84 percent of people age 65 and older receive benefits. Social Security provides more than a third of income for retirees which is hardly enough to survive since the average benefit in the U.S. is $17,189/year according to the Census survey. Data helps seniors determine where to live
So what do seniors look for when evaluating areas to retire? The majority want to keep working and live in a state where housing is affordable. Data helps seniors determine where to live
Using the U.S. Census data and other government surveys, let’s compare three states in the country based on work and housing to see which would be the best state to retire. I’ve selected Arizona, Minnesota, and Texas for my own analysis.
Arizona
- There are 215,982 seniors living alone in Arizona. Of these, 68% are female.
- Average social security income is $18,179/year
- The median household income for an Arizona senior is $39,445
- The number of seniors working in the state is 13 percent
- 83 percent own a home and 21 percent of the owners spend over 35% of their monthly budget on a mortgage
- The number of people aged 65 and over in Arizona is projected to rise 101% over the next 15 years, from 1,181,358 to 2,371,354.
Minnesota
- There are 201,459 seniors living alone in Minnesota. Of these, 72% are female.
- Average social security income for all seniors is $17,798/year
- The median household income for a Minnesota senior is $37,329
- The number of seniors working in the state is 16 percent
- 78 percent own a home and 32 percent have a mortgage. Those with a house payment, 20 percent spends over 35% of their monthly budget on it.
- The number of people aged 65 and over in Minnesota is projected to rise 54% over the next 15 years, from 774,390 to 1,193,124.
Texas
- There are 638,725 seniors living alone in Texas. Of these, 70% are female.
- Average social security income is $16,334/year
- The median household income for a Texas senior is $36,915
- The number of seniors working in Texas is 17 percent
- 81 percent own a home and 32 percent have a mortgage. Those with a house payment, 20 percent spends over 35% of their monthly budget on one.
- The number of people aged 65 and over in Texas is projected to rise 67% over the next 15 years, from 3,112,883 to 5,186,185.
At initial glance, from the perspective of a single female, aging alone, Texas is a better fit for me since there are more people in my predicament (solo agers.) My first assessment is crude, but the housing and mortgage numbers tell me that homes are more affordable in Texas and Arizona. Plus, both project to have a higher rate of people my age down the road.
Even so, having a job helps people thrive, and having one is vital to me. The Harris poll found 54 percent of workers (age 60+) say they will work part or full-time after retirement. Texas has a slightly higher number of working seniors than Arizona or Minnesota.
The city guides can give you much more insight than the little I give today. You can do your individual assessments by using the data provided for over 8,000 cities across the country. Data helps seniors determine where to live Data helps seniors determine where to live Data helps seniors determine where to live