Best Places For Living Single In Retirement
From cost of living to health care access, here are three states you may want to consider if you are single and retired, according to a new survey.
When it comes to retirement, not everybody is a couple. In fact, as of the 2023 U.S. Census, roughly 28% of people 65 and older in America live alone.
That’s roughly 16 million people. Back in 1950, one in ten lived alone in retirement. Blame it on divorce, never having married, or the death of a spouse, but either way, a growing number of older adults are going it alone.
As a result, where they live out their older years is important from a health care and cost-of-living standpoint. With one income, living in an expensive city may not be an option, and if they live in a place that doesn’t have easy access to health care, that can add an undue burden to their quality of life.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Recognizing those challenges, Caring.com came out with a list of the top three places for people over 65 living alone to live out their retirement. The study looks at the population of people over 65, the cost of living, the proportion of nursing and assisted living facilities, access to health care and costs in each state.
The study does not take into account weather, entertainment options, walkability, community, classes and culture when coming up with its best places to retire.
But if health care and cost of living are what really matter to you, these three states may be worth considering.
Arkansas tops the list
Solo Living Score: 8.57 out of 10
When it comes to the cost of living, Arkansas, otherwise known as the Natural State thanks to its abdudance of mountains, lakes and hot springs, has one of the lowest costs of living, with a score of 88.7 out of 100, thanks in part to low property taxes and affordable housing, according to Caring.com.
As for the number of nursing facilities per 100,000 people over 65, Caring.com puts that at 41.9, which it says is in the top 10.
Meanwhile, the state’s health care cost index score is 85.7, which is the lowest in the nation, according to Caring.com.
It doesn’t hurt that one in three residents of the state has Medicaid, which can defray the costs of health care. If you want to rent, you are in luck, too. The state average rent is $701 per month for a one-bedroom apartment.
Missouri comes in second place
Solo Living Score: 8.09/10
Missouri, known as the Show-Me State and popular for its Ozark Mountains, came in second. The state not only has a health care cost index score of 91.8, putting it in the top ten for the nation, but it also has access to top health care facilities in St. Louis.
The state is also in the top ten for its proportion of assisted-living communities, which is at 97.5 per 100,000 people over 65, according to Caring.com.
It also boasts a low cost of living and has an affordability score of 8.71 out of 10. The average monthly rent for a one-bedroom apartment in Missouri is $677 a month
Kansas rounds out the top three in third place
Solo Living Score: 7.98/10
Kansas, otherwise known as the Sunflower State because of the abundance of sunflowers grown throughout the state, ranked high in Caring.com’s survey. Kansas has the second-highest proportion of nursing facilities at 62.7 per 100,000 people over 65 years old. It's also affordable, with a cost-of-living index score of 87.
With no sales tax on food, getting healthy meals is affordable for older adults in this state. If you want to rent a one-bedroom apartment in Kansas, it won’t break the bank, coming in at $714 per month.
Related content
-
S&P 500 Tops 7,000, Fed Pauses Rate Cuts: Stock Market TodayInvestors, traders and speculators will probably have to wait until after Jerome Powell steps down for the next Fed rate cut.
-
The Met Opera May Sell Its Iconic Paintings. Is it a Good Investment?Buying the Marc Chagall murals would come with a big stipulation attached.
-
Do You Really Need All Those Phone Plan Perks?Unlimited data plans now come bundled with streaming, travel perks and device deals — but many people pay for extras they rarely use.
-
The New Average Divorce Rate By Age: Are You in the Risk Zone?While the overall divorce rate has seen a small but steady decline, gray divorces have been on the rise since the 1990s.
-
We Retired at 70 With $4.3 Million. My Wife Won't Spend 'Our Grandkids' Inheritance,' but I Want to Travel.I want to travel while we are still healthy, but my wife wants to pass down our wealth. Who is right?
-
Today's Senior Living Communities Are Not Your Grandma's 'Old Folks' Home': An Expert Guide to Shopping for the Right FitSenior living facilities have improved and are as diverse as the people who inhabit them. Now, they're more than just a place to go — they're a place to grow.
-
Should You Consider Investing in the Quantum Computing Sector? This Investment Adviser Has Some SuggestionsInvestors interested in quantum computing could consider ETFs focused on cloud services enabling small businesses to use big technology.
-
4% and Chill? Find Out If This Distribution Rule Fits Your RetirementTake this simple quiz to discover whether the 4% Rule will work for you in retirement.
-
I'm an Estate Planning Attorney: These Are the Estate Plan Details You Need to Discuss (And What to Keep Private)Gen Xers and Millennials would like to know if they're going to inherit (and how much), but Baby Boomers in general don't like to talk about money. What to do?
-
I'm a Financial Adviser: This Is How You Can Minimize the Damage of Bad Market Timing at RetirementPoor investment returns early in retirement on top of withdrawals can quickly drain your savings. The ideal plan helps prevent having to sell assets at a loss.
-
The $3,000 Retirement Mistake Millions Make Each Year (And How to Avoid It)A little oversight or automation can keep money in your pocket.
