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The situation for baby boomers is complex.
While younger generations, particularly millennials, face challenges such as stagnant wages and significant student debt, baby boomers are encountering their own hurdles. As they age, many are finding themselves past retirement age but still needing to work due to insufficient savings and lingering financial obligations. The state in which they reside can greatly influence their quality of life during these later years.
In our analysis of all 50 states, we sought to determine the best places for baby boomers to thrive.
Before diving into the specific criteria used for ranking, let’s explore the top 10 states where baby boomers can enjoy a higher quality of life:
The 10 Best States for Baby Boomers
While many might assume that Florida is the ideal state for retirement, the data suggests otherwise. In fact, seven of the top ten states for baby boomers are located in the Midwest, characterized by low living costs, affordable housing, and high overall well-being. Notably absent from the top ten are states from the South and the West Coast.
Continue reading to discover the reasons these states excel for baby boomers and to view the complete ranked list of all 50 states.
Related:
How We Determined The Best States For Baby Boomers
Each state was evaluated across five critical categories:
- Average Retirement Savings
- State Well-Being
- Baby Boomer Unemployment Rate
- Percentage of Baby Boomers with Mortgages
- Percentage of Baby Boomers Living in Poverty
These five categories were averaged together, each given equal weight. A lower score in each category correlates with a higher rank. For instance, Iowa boasts a mere 1.9% unemployment rate, the second lowest in the nation, earning them a high rank for unemployment.
Data from the most recent American Community Survey by the U.S. Census Bureau was utilized to derive state unemployment rates for individuals aged 55-64, alongside poverty rates for those aged 60-74. Additionally, information regarding baby boomer mortgages was obtained from the same survey, focusing on those aged 55-74.
Our objective was to encompass as many baby boomers as possible, while excluding demographics that would predominantly capture non-baby boomers.
For wellness metrics, we leveraged the latest Gallup Health and Well-Being Report, a comprehensive survey that evaluates critical aspects of well-being, including career, social, financial, community, and physical health metrics. As baby boomers advance in age, these factors are increasingly significant.
Lastly, we referenced data from Personal Capital regarding average retirement savings.
If your state didn’t make the top ten, scroll down to find its ranking in the complete list. For those who did, let’s explore why these states are among the least favorable for baby boomers.
1. Iowa
Unemployment: 1.9
Mortgages: 47.71%
Poverty Rate: 6.6%
Retirement Savings: $245,071
State Well-Being: 26
It’s surprising to see Iowa leading this list, but the Hawkeye State indeed provides numerous advantages for baby boomers. With only 6% of baby boomers living in poverty, one of the lowest rates in the nation, and impressively low unemployment, Iowa proves to be a favorable option for this demographic.
2. Nebraska
Unemployment: 2.2
Mortgages: 47.44%
Poverty Rate: 6.7%
Retirement Savings: $233,910
State Well-Being: 18
Following closely is Nebraska. Often associated with vast cornfields, it stands out as the second-best state for baby boomers. With an unemployment rate of just 2.2%, Nebraskan baby boomers enjoy a good quality of life and a low likelihood of living in poverty.
3. New Hampshire
Unemployment: 2.4
Mortgages: 54.87%
Poverty Rate: 5.6%
Retirement Savings: $264,624
State Well-Being: 11
Ranked third, New Hampshire offers baby boomers a favorable living environment. Located along the Atlantic coast, this state boasts the lowest poverty rate in the country, making it an attractive option for retirees.
4. North Dakota
Unemployment: 2.0
Mortgages: 37%
Poverty Rate: 6.8%
Retirement Savings: $178,005
State Well-Being: 10
In addition to the lowest mortgage rate on the list, baby boomers in North Dakota benefit from low poverty rates and a strong job market.
5. South Dakota
Unemployment: 1.9
Mortgages: 41%
Poverty Rate: 7.4%
Retirement Savings: $183,225
State Well-Being: 9
Just behind North Dakota is its neighbor, South Dakota. Baby boomers here enjoy one of the lowest unemployment rates in the nation, further enhancing their quality of life.
6. Wyoming
Unemployment: 2.0
Mortgages: 47%
Poverty Rate: 7.6%
Retirement Savings: $153,182
State Well-Being: 2
Ranked sixth, Wyoming residents, including baby boomers, report high levels of satisfaction with their lives, attributed to the state’s second-highest well-being score.
7. Minnesota
Unemployment: 2.7
Mortgages: 54%
Poverty Rate: 7.5%
Retirement Savings: $234,106
State Well-Being: 12
Baby boomers residing in Minnesota benefit from low unemployment and a lower risk of poverty, contributing to their overall quality of life.
8. Wisconsin
Unemployment: 2.1
Mortgages: 53%
Poverty Rate: 7.4%
Retirement Savings: $227,382
State Well-Being: 24
Wisconsin ranks eighth due to its consistently solid performance across all categories, making it a favorable state for baby boomers.
9. Alaska
Unemployment: 4.5
Mortgages: 50%
Poverty Rate: 7.7%
Retirement Savings: $271,197
State Well-Being: 3
For baby boomers seeking alternatives to the Midwest or Northeast, Alaska offers stunning natural beauty and high well-being scores, which contribute to an appealing lifestyle.
10. Maine
Unemployment: 2.1
Mortgages: 52%
Poverty Rate: 9.1%
Retirement Savings: $228,713
State Well-Being: 21
Baby boomers in Maine can enjoy a good quality of life, marked by low unemployment and substantial retirement savings.
Summary of the Best States for Baby Boomers
In summary, the ten states highlighted offer the best conditions for baby boomers, with a predominance of Midwestern states showcasing low poverty and unemployment rates. While the Midwest may not be the first choice for many when considering retirement, it deserves reconsideration. At the other end of the spectrum, states with high living costs and poorer economic conditions—primarily in the South—rank lower.
Interestingly, there is notable overlap between this list and the best states for millennials. Perhaps baby boomers and millennials share more common ground than previously thought.
To find your state’s ranking or to view the complete list from best to worst, see below.
| State | Well-Being (1=Best) | Retirement Savings | Poverty Rate | % With Mortgage | Unemployment Rate |
|---|---|---|---|---|---|
| Iowa | 26 | $245,071 | 6.6% | 48% | 1 |
| Nebraska | 18 | $233,910 | 6.7% | 47% | 2 |
| New Hampshire | 11 | $264,624 | 5.6% | 55% | 2 |
| North Dakota | 10 | $178,005 | 6.8% | 37% | 2 |
| South Dakota | 9 | $183,225 | 7.4% | 41% | 1 |
| Wyoming | 2 | $153,182 | 7.6% | 47% | 2 |
| Minnesota | 12 | $234,106 | 7.5% | 54% | 2 |
| Wisconsin | 24 | $227,382 | 7.4% | 53% | 2 |
| Alaska | 3 | $271,197 | 7.7% | 50% | 4 |
| Maine | 21 | $228,713 | 9.1% | 52% | 2 |
| Utah | 5 | $183,925 | 6.4% | 56% | 2 |
| Vermont | 7 | $233,448 | 8.7% | 54% | 2 |
| Montana | 4 | $168,755 | 9.3% | 47% | 2 |
| Hawaii | 1 | $180,361 | 7.5% | 62% | 2 |
| Delaware | 8 | $286,277 | 8.6% | 56% | 3 |
| Colorado | 6 | $213,406 | 7.7% | 61% | 2 |
| Virginia | 27 | $240,199 | 8.1% | 61% | 2 |
| Idaho | 22 | $199,877 | 8.0% | 54% | 2 |
| Washington | 13 | $209,783 | 7.2% | 60% | 2 |
| Pennsylvania | 34 | $237,754 | 8.4% | 51% | 3 |
| Kansas | 35 | $202,358 | 8.5% | 49% | 2 |
| Connecticut | 16 | $279,367 | 7.8% | 61% | 4 |
| New Jersey | 31 | $272,919 | 7.5% | 61% | 3 |
| Maryland | 32 | $244,690 | 7.1% | 67% | 3 |
| North Carolina | 36 | $241,808 | 9.1% | 55% | 2 |
| Massachusetts | 17 | $241,143 | 8.1% | 61% | 3 |
| Michigan | 33 | $241,395 | 9.7% | 52% | 3 |
| Missouri | 40 | $213,408 | 9.0% | 52% | 2 |
| Texas | 29 | $220,480 | 11.0% | 45% | 3 |
| Oregon | 28 | $237,771 | 9.1% | 58% | 3 |
| Georgia | 23 | $223,713 | 10.7% | 57% | 2 |
| Indiana | 41 | $212,908 | 8.5% | 57% | 2 |
| Arizona | 15 | $226,584 | 9.5% | 57% | 3 |
| South Carolina | 39 | $229,192 | 10.6% | 51% | 3 |
| Florida | 20 | $217,839 | 11.1% | 51% | 3 |
| Arkansas | 49 | $206,539 | 12.2% | 44% | 2 |
| Oklahoma | 45 | $158,139 | 10.0% | 44% | 2 |
| Kentucky | 48 | $217,860 | 11.7% | 48% | 2 |
| Ohio | 38 | $222,700 | 9.2% | 55% | 3 |
| New Mexico | 30 | $226,143 | 14.5% | 47% | 4 |
| West Virginia | 50 | $211,086 | 11.7% | 38% | 3 |
| Mississippi | 47 | $201,989 | 13.6% | 39% | 2 |
| California | 14 | $227,290 | 10.1% | 66% | 3 |
| Alabama | 44 | $191,599 | 11.6% | 48% | 2 |
| Tennessee | 46 | $188,818 | 10.0% | 48% | 3 |
| Louisiana | 43 | $198,337 | 13.4% | 41% | 3 |
| Illinois | 42 | $223,238 | 9.3% | 54% | 4 |
| New York | 37 | $207,889 | 11.1% | 52% | 3 |
| Rhode Island | 25 | $202,862 | 9.0% | 63% | 4 |
| Nevada | 19 | $183,946 | 10.3% | 60% | 4 |
For the latest insights and engaging stories, subscribe to our weekly newsletter by emailing Kathy Morris at kmorris@zippia.com.
Author
Kathy is the head of content at Zippia with a knack for engaging audiences. Prior to joining Zippia, Kathy worked at Gateway Blend growing audiences across diverse brands. She graduated from Troy University with a degree in Social Science Education.
