The past year has changed many people’s plans and retirement is one of them.
A recent survey from Northwestern Mutual found that of the 35% of Americans who changed when they planned to retire, 24% planned to do so later than in pre-pandemic times, CNBC reported.
With plans postponed, that means older adults are continuing to work. But not all states have equal work environments.
Seniorly, a senior living resource website, analyzed the best and worst states for older workers.
“We compared Census, CDC, and Tax Foundation data for every state across five categories including labor force participation for older adults, income, taxes, healthcare and life expectancy,” it explained.
Among the findings were that Wyoming is the best state for older workers while Kentucky is the worst. Hawaii has the highest rate of householders over 65 who make over $50,000 annually. California has the highest median income tax rate while eight states have no income tax. Those states are Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming. Income taxes affect how much money retirees take home.
While Georgia wasn’t at the bottom of the pack, it was No. 12 in the worst states for older workers. The median state income tax rate is 3.5%. Georgians have a 77.2 average life expectancy and 95.9% of residents 65 and over have Medicare coverage. However, less than half — 47.6% — of householders over 65 earn more than $50,000 in annual income.
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