Increased costs make people worried about leaving
A survey by AARP shows that retirees are worried that they cannot afford to buy a retirement.
Fox-10 Phoenix
According to census data, more than a quarter of seniors live alone. And living solos can pose financial risks to Americans of all ages.
A new report from senior care platform Caring.com ranks the best state for over 65 Americans living alone. The report assigned 1-10 scores to each state based on 12 quality, including overall cost of living, housing costs, food, transportation costs, medical costs, availability, and other senior proximity.
“Living alone can be a challenge for older people, ranging from increased safety concerns to victims of mental health,” the report said.
The analysis found.
These neighboring states rank 1-2-3 in Solo Senior Living
America Middle-of-America three states, Arkansas, Missouri and Kansas, ranked No. 1, No. 2 and No. 3 in Solo Senior Living in the CARING.com report.
Arkansas has a rating of 8.57 out of 10, but it is one of the lowest living expenses in the nation, with affordable housing and low property taxes. It is ranked highly for affordable transportation and available nursing facilities.
Missouri (8.09 out of 10) ranks highly for its affordability and quality of healthcare. The state also ranks highly in support of living with 97.5 communities per 100,000 senior residents.
Kansas (7.98) ranks favorably for overall cost of living and has some of the lowest grocery prices in the country. It also has the second highest percentage of nursing facilities, with 62.7 per 100,000 people.
Arkansas is also number one.st Affordable prices for Solo Seniors
Arkansas also found that it is the most affordable, rather than just the “best” state of solo seniors. Arkansas has the lowest medical costs in the state, as well as low grocery prices and affordable rents. One-bedroom apartments average $701 a month.
Missouri ranks second in affordable prices for seniors, with lower rent and transportation costs.
Oklahoma ranks third for its affordable prices. Caring.com’s analysis includes Gobankingrates data. Gobankingrates data calculates Oklahoma as one of the most affordable states for retirees.
Maine ranks 1st The highest percentage of elderly people
Elderly people can face loneliness and isolation, especially when they live alone.
But perhaps not in Maine. According to Caring.com, states have the highest percentage of seniors compared to other states.
Missouri Rank 1st Because of cheap rent
Elderly people often live with a fixed income. Reducing housing costs can help you achieve your goals.
Missouri has the country’s most affordable rent for one-bedroom apartments, with an average of $677 a month.
Pro tip: St. Louis is more affordable than Kansas City, with an average rent of around $200 lower.
Iowa ranks 1st Due to availability of nursing facilities
With a relatively low population of over 65 people, Iowa ranks first in the state in terms of nursing facilities, with 71 per 100,000 seniors.
More nursing facilities mean shorter waiting times for Iowans who need care.
Alaska ranks 1st For support for life
Alaska also has relatively few seniors. The state also has the highest percentage of supportive living communities, with a whopping 698 per 100,000 residents with more than 65 people.
Missouri has the cheapest living treatments
The cost of long-term care can be eye-opening. According to T. Rowe Price, the average living support facilities cost $5,350 a month.
According to Caring.com, Missouri has the lowest annual cost of living assistance, on average just over $40,000. State living expenses reduces the operating costs of assisted living facilities.
West Virginia ranks 1st About “comfortable” retirement
Back to Gobankingrates: Personal Finance website analyzes all states annual retirement costs and is the most affordable in West Virginia in a 2024 report, with an annual tab of $58,190. This report was considered in the Caring.com rankings.
What is the worst state for solo retirement living?
While Caring.com reports do not rank the most desirable conditions for seniors living alone, the analysis provides a heat map showing what conditions cost-conscious seniors may want to avoid.
Not surprisingly, the “worst” and affordable states for solo seniors tend to fall to the East and West Coasts. California and Massachusetts have the lowest overall scores. The same condition is not ranked affordable.
Affordable state details for retirees
Older people looking for a suitable place to retire may want to consult with Gobankingrates, which operates numbers in affordable states multiple times for retirees.
In a recent analysis, the site calculated how long a $1.5 million nest egg would be for all state retirees.
The report identifies five states that are most affordable for retirees. West Virginia will last for 54 years. Kansas (52); Mississippi (51); Oklahoma (51); Alabama (50).
California and Massachusetts, along with New York, Alaska and Hawaii, were ranked as the most expensive states for retirees in the report.
