Massachusetts Residents Retire At an Older Age Than In All But One State
Retirement is a time to finally relax, a time to focus on yourself and your hobbies, a time to travel, a time to enjoy. Whatever that means to you. The average U.S. retirement age is 63 years old according to a MoneyTalksNews / U.S. Census Bureau American Community Survey. The retirement age in the US is down from 65 years-old. 63 is still on the high side globally as in some European countries like France and Germany, it’s lower, typically around 60 years old.
So how about state by state? What states have the highest retirement age and which have the lowest? The previously mentioned MoneyTalksNews / U.S. Census Bureau American Community Survey looked at just that and determined the average retirement age in each state and in DC. And they discovered that only one state’s residents have an older average retirement age than us here in Massachusetts.
Residents of Washington DC stand alone as having the highest average retirement age at 67 years old. Massachusetts residents are tied for second oldest average retirement age at 66 years old. South Dakota residents are tied with Massachusetts at second. Residents in Alaska and West Virginia have the youngest average retirement age at 61.
A new study from U.S. News & World Report compared the 150 most populated metropolitan areas in the US, including Puerto Rico, to find the “best” place in the country to retire in 2023.
The study contrasted both public data and survey results from 3,100 people across the country, ages 45 and older. It used the following factors in it’s comparisons, weighted as such:
Housing Affordability Index: 24%
Happiness Index: 22%
Health Care Quality Index: 16%
Retiree Taxes Index: 16%
Desirability Index: 13%
Job Market Index: 9%
In the end, a fun and informative countdown of cities was born – the Best Places to Retire in America in 2023. We’ll give you the highlights a little further down.
