These states have the greatest percentage of retirees, ranging from Montana to Maine.
The average life expectancy in the United States has been gradually increasing for decades, thanks to improvements in healthcare technology, sanitation, and housing. As a result, the number of people over the age of 65 in the United States continues to rise year after year. According to the Pew Research Center, as the Baby Boomers age, this demographic shift will become more apparent, with the percentage of Americans aged 65 and above expected to rise from 16.3 percent of the overall population now to about 19 percent by 2050.
Living costs are a variable cost that varies by age group. Driver age, for example, has an impact on car insurance rates. Whereas young drivers may face higher insurance rates, older drivers often get a discount: average monthly auto insurance premiums in all 50 states tend to drop as drivers grow older. Health care and life insurance, on the other hand, cost considerably more to the country’s elderly population as they age.
Although not all states have the same percentage of people of different ages, some seem to be more appealing to retirees than others. The data science and research team at Insurify used Census Bureau data to determine the 10 states with the greatest percentage of people over 65.
The national average
Is 16.0 percent of the population over the age of 65, with 6.7 percent over the age of 75. In the United States, the median age is 38.2.
States with the most youth
Utah, Alaska, and Texas are the three states with the youngest populations. Residents over the age of 65 made up 11.1%, 11.9 percent, and 12.5 percent of the total population of these three states, respectively.
Distributions by region
States with high or low percentages of people over the age of 65 seem to be equally spread throughout the country. The Northeast, on the other hand, has the greatest average percentage of people over 65, at 17.8%, while the Midwest has the lowest, at 14.9 percent. With 16.1 percent and 15.8 percent, respectively, the southern and western states are in the middle.
Methodology
The states with the oldest populations were those with the greatest percentage of people aged 65 and above, which is considered retirement age. The data science team at Insurify, a service that compares car insurance rates, used the U.S. Census Bureau’s most recent American Community Survey, released in December 2019, to identify the states with the oldest population. The most current Regional Price Parities data from the Bureau of Economic Analysis was used to calculate the cost of living.
States in the United States with the Oldest Populations
South Carolina is ranked number ten.
17.7% of the population is over 65 years old.
6.8% of the population is over 75 years old.
39.7 years old is the average age.
Beaufort County has the greatest proportion of people over the age of 65. (27.8 percent )
According to the most current Census Bureau statistics, South Carolina has the tenth-highest percentage of people who are over the age of 65 in the country. With its year-round natural beauty and mild winters, the Palmetto State has grown in popularity as a retirement destination. A dollar also goes a lot farther in this state than it does in many others for people living off retirement funds. In reality, the cost of living in South Carolina is 9.6% cheaper than the national average, according to the Bureau of Economic Analysis.
New Hampshire is number nine.
18.1 percent of the population is over the age of 65, and 7.3 percent of the population is over the age of 75.
Grafton County has the largest proportion of residents over the age of 65, with a median age of 43.1. (20.80 percent )
With its lengthy winters and significant snowfall, New Hampshire may not be the most appealing destination for people over 65. New Hampshire, on the other hand, is one of the most tax-friendly states in the country. The Granite State is one of the few states in the United States without a sales tax, and citizens are exempt from both estate and inheritance taxes. New Hampshire’s health care for retirees is also a bonus; according to the United Health Foundation, the Granite State ranks sixth in the country for senior health.
Pennsylvania is ranked number eight.
18.2% of the population is above 65 years old.
8.0 percent of the population is over 75 years old; 40.8 years old is the median age.
Westmoreland County has the largest proportion of residents over the age of 65. (22.7 percent )
It’s easy to understand why Pennsylvania has one of the largest percentages of people over the age of 65, thanks to beautiful state parks, busy towns, and retiree-friendly tax policies. Pennsylvania is one of the few states in the United States that does not tax retirement income, whether it comes from public or private pensions or Social Security. Westmoreland County has the largest percentage of people over the age of 65 in the state, with over twenty retirement homes.
Hawaii is number seven.
Percentage of the population aged 65 and up: 7.9 percent of the population is over 75 years old: 18.4 percent of the population is over 75 years old: 39.3 percent of the population is over 75 years old: 18.4 percent of the population is over 75 years
The county with the greatest proportion of residents aged 65 and above is: County of Hawaii: (1.20% of the total)
Hawaii is one of the most sought-after retirement destinations in the United States, so it’s no surprise that it’s ranked in the top ten this year. Hawaii is a popular retirement destination, with year-round pleasant weather, warm water, and miles of sandy beaches… particularly for the rich, since the state has the highest cost of living in the US, at 18.5 percent over the national average.
Delaware is number six.
18.7% of the population is above 65 years old.
7.5 percent of the population is over 75 years old; 41.1 years old is the median age.
Sussex County has the largest proportion of people over the age of 65. (27.8 percent )
Delaware is another mild-weathered and tax-friendly state for retirees, similar to several of the most popular places among Americans over 65. The Diamond State, like New Hampshire, does not have an estate tax, inheritance tax, or sales tax. Delaware’s Sussex County has the largest percentage of people over 65. It has almost a dozen retirement communities within a few kilometers of one another.
Montana is number five.
18.8% of the population is above 65 years old.
7.5 percent of the population is over 75 years old.
Flathead County has the largest proportion of people over 65, with a median age of 40.1. (19.50 percent )
This year, Montana is among the top five states with the greatest percentage of people aged 65 and above. Despite its reputation for isolation, Montana’s rugged beauty and serenity, as well as its retirement-friendly tax laws, are enough to persuade some people to retire here. The income tax in Montana is limited at less than 10%, which means that retirees and Social Security beneficiaries pay much less in taxes than their counterparts in other states. Furthermore, there is no estate or inheritance tax in Montana.
The state of Vermont
19.8% of the population is over 65 years old.
7.7% of the population is over 75 years old.
The county with the greatest proportion of residents over the age of 65 is: N/A (Data for particular counties is unavailable)
Vermont, another northern state to make the list this year, with the country’s fourth-highest percentage of people aged 65 and above. Given its long, snowy winters, higher-than-average cost of living, and Social Security income tax, Vermont’s inclusion among the top ten states in this list may come as a surprise. Other benefits, such as Vermont’s charming little villages and abundance of outdoor activities, may, however, offset such disadvantages for some.
West Virginia is number three.
20.0 percent of the population is above 65 years old.
8.1 percent of the population is over 75 years old; 42.8 years old is the median age.
Raleigh County and Kanawha County have the greatest proportion of residents over the age of 65. (both 20.90 percent )
The warm climate, vast acreage, retiree-friendly taxes, and lower-than-average cost of living all add to West Virginia’s attractiveness. The state of West Virginia has no estate or inheritance tax, and the cost of living is 13.0% lower than the national average. Despite the presence of almost two dozen retirement homes in Kanawha County, West Virginia’s senior population is equally distributed throughout the state’s counties.
The state of Florida
20.5 percent of the population is over 65 years old.
9.2% of the population is over 75 years old, with a median age of 42.2.
The county with the greatest proportion of residents aged 65 and above is: Sumter County is a county in South Carolina. (56.8% of the total)
Florida has always been a popular retirement destination, and it now has the nation’s second-highest percentage of retirees. For many people in the Northeast, from New York to Connecticut to New Jersey, the Sunshine State remains the “go-to” destination. Given its sunny weather, accessible towns, and absence of estate and inheritance taxes, it’s easy to understand why Florida remains popular among Americans over 65. Florida has the largest proportion of people over the age of 75, with almost one out of every 10 individuals in this age group. Over 35 percent of people over the age of 65 live in a number of counties in this state, including Sumter County, Charlotte County, and Citrus County.
Maine is number one.
20.6 percent of the population is above 65 years old.
8.4% of the population is over 75 years old.
The county with the greatest proportion of people over 65 is Aroostook County, with a median age of 45.1. (24.10 percent )
Maine has the largest percentage of people over the age of 65 in the country, according to the US Census Bureau. Given Maine’s severe winters and reputation for distant, secluded towns, this number may surprise some. With its thriving art and culinary sectors, as well as many outdoor leisure options, this state is becoming more popular among retirees looking for a less conventional retirement lifestyle. Unlike Florida’s older population, which is concentrated in a few areas, Maine’s older population is distributed across the state.