10 States Where Seniors Have the Highest Incomes
While millions of Americans struggle to fund their golden years, others are thriving. And whether the draw is favorable tax laws or other enticements, some states have especially large populations of seniors who are flush with cash.
Following are the places with the highest share of households headed by someone age 65 or older that have a household income of at least $50,000. Data comes from an analysis by the website Seniorly.com.
Percentage of senior households with at least $50,000 in income: 55%
When you think of retirement havens for older folks, Florida and Arizona spring to mind. But Colorado has a rapidly growing population of seniors.
Fortunately, many of those retirees appear to be well-heeled. That money is likely to come in handy in a state where housing costs soon may be among the most expensive in the nation.
Percentage of senior households with at least $50,000 in income: 55.5%
Around 6 million people over the age of 65 call California home. That is more residents than you will find in the entire state of Oregon.
The cost of living is notoriously high in the Golden State, so every dollar counts here.
Percentage of senior households with at least $50,000 in income: 56%
Nearly 18% of Connecticut’s residents are 65 are older, and that percentage is expected to grow in the coming years.
One of the biggest challenges will be providing transportation for these older folks. One survey found that a growing percentage of Connecticut’s residents want to become less dependent on cars.
That makes sense. Downsizing your transportation is one of the best ways to save money, as we noted in “3 Ways to Downsize Your Life in 2021.”
Percentage of senior households with at least $50,000 in income: 56.4%
Delaware is known for being a tax-friendly haven for seniors. The first $12,500 of income from such qualified retirement plans as IRAs, pensions and 401(k) accounts is exempt from state tax, and you get an additional $2,500 standard deduction if you are over 65.
Even if you bring in plenty of income, your dollars will go further here.
6. New Jersey
Percentage of senior households with at least $50,000 in income: 57%
New Jersey offers a lot to retirees — from beaches and world-class health care, to access to major cities such as New York and Philadelphia.
But seniors need every dime of their relatively elevated incomes. New Jersey’s top tax rate is among the highest in the nation.
5. District of Columbia
Percentage of senior households with at least $50,000 in income: 57.4%
As in so many parts of the U.S., the population of folks 65 and older in the District of Columbia is growing rapidly and is expected to increase by more than 24% through 2030.
Living in the nation’s capital will cost you. So, seniors with higher incomes are likely to fare better.
Percentage of senior households with at least $50,000 in income: 57.6%
If you are a senior in Utah, chances are good that you are in a retirement “sweet spot.” Not only is your income likely to be relatively high, but the Beehive State is a pretty affordable place to live.
Percentage of senior households with at least $50,000 in income: 58.6%
A growing number of seniors are spending their final years in the Last Frontier. For a decade, Alaska has seen the number of residents 65 and older grow by more than 5% a year.
Who says the spirit of adventure is doomed to fade after we turn 30?
One of the joys of a robust income is that it opens a world of opportunities, and some retirees with deep pockets may be following their dreams and heading north.
Percentage of senior households with at least $50,000 in income: 58.7%
Earlier this year, Bankrate named Maryland the worst place in the nation to retire. A high cost of living was among the factors that sunk the Free State in Bankrate’s rankings.
Not everyone agrees. The Baltimore Sun deemed Bankrate’s judgment to be “silly.” And even if expenses are high here, many of Maryland’s seniors seem to be able to afford them.
Percentage of senior households with at least $50,000 in income: 63.6%
With apologies to California and Florida, when you think of an American “paradise,” nothing tops Hawaii. But, oh, do you pay a price for your slice of heaven!
Hawaii is a notoriously expensive state to live in. So, it helps that more than 60% of the seniors who live here have incomes big enough to match the size of their dreams.
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