- According to LendingTree, 22% of Americans ages 65 years or older are still working due to a higher cost of living and changes in social security policies.
- The heatmap below outlines the share of each state’s workforce in 2024 that was 65 years or older. New Jersey had the largest share of its workforce ages 65+ at 33.8%, followed by Delaware at 27.2% and Indiana at 23.0%.
Minimum Savings Needed to Retire
- The heatmap below outlines the minimum savings needed to retire in each state utilizing data from Kiplinger.
- States with the greatest amount of retirement savings needed include: Hawaii at $2.1 million, followed by California $1.5 million and Massachusetts at $1.5 million.
- On the other hand, the states with the smallest amount of retirement savings needed include West Virginia at $650,246, followed by Oklahoma at $687,938 and Kansas at $700,947.
Top 10 States Where Retirees are Moving
- Based upon net migration, Florida had the largest share of retirees at 77,290 (ages 60+) moving into the state in 2024, according to smartasset. Arizona was second with an inflow 23,515 retirees, followed by South Carolina with 20,895 retirees.
Top 10 States with the Largest Decrease of Retirees
- The next chart outlines the top 10 states with the largest decrease in teh number of retired adults between 2022 and 2024.
- New Jersey had the largest change in the number of retired adults between 2022 and 2024 with a 23% decline, followed closely by North Dakota with a 22.9% decline.
