The Bottom Line
While we don’t have a clear answer that explains why one state is better than another, there are some general themes. Places heavy in tech and finance are typically friendlier to younger workers. The reasons a city’s economy would favor younger workers are intricate.
But economists have long concluded that high unemployment weakens bargaining power and lowers wages for those over 65. Adding to that is the downward trend in access to retirement-savings plans at work.
This means older workers nearing retirement age have a smaller safety net and are increasingly at the mercy of a less-than-favorable labor market.
They need to work more to make up for insufficient savings for retirement at exactly the time the economy may be leaving them behind. Regardless of the causes, though, one thing is clear. The numbers we talked about likely understate the problem.
We, unfortunately, live with a labor market that pushes older workers out and devalues their labor. So the best thing to do when planning for retirement is to do your research and ensure you live in a state that will help you live out your golden years comfortably.
Do you live in any of the states we mentioned in this article? Be sure to share your thoughts on the matter in the comment section below!
And if you found this post interesting, we also highly recommend reading: 6 Amazing Florida Neighborhoods to Retire in 2023
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