New reports take a look at the best and worst states for older adults to settle in for retirement, as well as the states with the worst statistics for older adult falls.
Senior living operators looking to capture a greater share of the growing prospective resident population might want to check out Delaware, named the top state for retirees by Bankrate’s 2024 Best States to Retire study. The state is tops for retirees this year due to residents well-being, weather and reasonable affordability, according to Bankrate.
The First State moved from No. 2 last year to No. 1 this year, besting Iowa, which dropped to No. 9. Delaware offers a higher proportion of older adults and a moderate climate, along with no state or local sales taxes, as well as low home insurance costs, according to Bankrate. The company ranked states based on affordability, well-being, quality/cost of healthcare, weather and crime statistics.
Affordability always is a top priority for older adults. The recent State of the Nation’s Housing 2024 report from the Harvard Joint Center for Housing Studies also showed that within the next decade, the population of adults aged 75 or more years will increase by 45%, resulting in a growing need for affordable senior living communities across the nation.
“The reality is that most Americans feel behind on saving for retirement, which means affordability is critical,” Bankrate analyst Alex Gailey said in a release. “A move to a more affordable location could be an effective way for soon-to-be retirees to stretch their retirement savings in this economy.”
According to the Bankrate survey, No. 2 West Virginia, No. 3 Georgia, No. 4 South Carolina and No. 5 Missouri round out the top five best states for retirement this year. Landing at the bottom of the rankings were No. 50 Alaska, No. 49 New York, No. 48 Washington, No. 47 California and No. 46 North Dakota.
Labeled a tax-friendly state for retirees, Delaware does not have state or local sales tax and does not tax Social Security benefits. It also has lower property taxes compared with the rest of the country, Bankrate said.
In addition, Delaware ranks high for racial and ethnic diversity, overall well-being, and having a large number of arts and entertainment establishments. A magnet for older adults, the state has a high share of residents aged 62 or more years, and its temperate climate means that it is relatively free from earthquakes, tornadoes and hurricanes. Its weaker spots in the ratings, however, were its cost of living, crime and healthcare costs.
“While Delaware is a pricer state to live in, the state’s high-quality healthcare, light tax burden, affordable homeowners’ insurance and good weather propelled it to the top spot this year,” Gailey said. “Delaware also scored well in diversity, wellness and culture and has a high share of residents who are 62 and older compared to its population.”
This is the second consecutive year for a last place ranking for Alaska, which was dragged down by low affordability, quality and cost of healthcare, weather and crime.
The Bankrate experts said that retirees may have to give up some amenities for a more affordable lifestyle. Many of the most affordable sites in the nation — primarily in the Midwest and the Sun Belt — don’t offer healthcare services that are as comprehensive as those found elsewhere, don’t offer as many arts and entertainment or recreation facilities, or are prone to more natural disasters.
The cost of living, according to Bankrate, also has increased significantly in historically popular retirement destinations due to inflation and rising homeowners insurance rates.
Worst states for older adult falls
Meanwhile, although aging in place is a goal of most older adults, a newly released Forbes Health survey found that 36% of those living in their own homes worry about falling. The study analyzed data to uncover the states that are worst for older adults, focusing on the average number of falls, the number of emergency medical technicians, and Medicare spending per capita.
Washington state ranked worst for older adult falls, placing No. 6 for the highest number of falls. The state was the sixth lowest for both the number of EMTs per 100,000 residents and the number of ambulatory service locations per 10,000 establishments.
Utah ranked second worst for falls, due to its large population of older adults, lower number of ambulatory service locations and low number of EMTs. Rounding out the top five worst states were No. 3 Colorado, which had the fifth highest mortality rate from falls in the nation; Washington, DC, which has the longest emergency department wait times; and Oregon with its low number of EMTs, according to Forbes Health.
“CDC data shows that falls have a high mortality rate — 78 per 100,000 in 2021 — among older adults, and Forbes Health survey data reveals that falling or needing medical attention is the most common concern of those aging in place,” Forbes Health managing Editor Alena Hall said in a release. “However, only 9% of survey respondents say they currently use a medical alert system, which can provide peace of mind to people who are medically vulnerable and living alone, as well as their loved ones.”
