Editor’s Notice: This story initially appeared on Smartest Dollar.
With most seniors out of the workforce and residing on fastened incomes or retirement financial savings, the quickly rising price of residing has put a financial strain on older households.
Past inflation, nevertheless, seniors want more cash than ever to dwell comfortably in retirement. The life expectancy of a 65-year-old within the U.S. has risen by greater than 4 years since 1970.
Seniors additionally face higher well being points than the remainder of the inhabitants, which comes at a excessive price. The Facilities for Medicare and Medicaid Companies estimate that per-capita health care spending for seniors is almost thrice as excessive as that for the working-age inhabitants.
Confronted with these circumstances, older Individuals are staying within the workforce longer.
To find out the best-paying areas for working seniors, researchers at Smartest Greenback calculated the cost-of-living adjusted median annual wage for seniors working full-time. The info used on this evaluation is from the U.S. Census Bureau.
For the needs of this evaluation, seniors have been thought-about to be age 65 and older. Discover particulars on our methodology on the finish.
Listed below are the best-paying U.S. metropolitan areas for working seniors.
15. Oklahoma Metropolis, OK
- Median annual wage for full-time seniors (adjusted): $60,372
- Median annual wage for full-time seniors (precise): $56,000
- Median annual wage for all full-time employees (adjusted): $50,669
- Share of full-time workforce which are seniors: 3.8%
- Share of inhabitants which are seniors: 14.8%
14. Cincinnati, OH-KY-IN
- Median annual wage for full-time seniors (adjusted): $60,418
- Median annual wage for full-time seniors (precise): $57,000
- Median annual wage for all full-time employees (adjusted): $58,298
- Share of full-time workforce which are seniors: 3.8%
- Share of inhabitants which are seniors: 15.8%
13. San Francisco-Oakland-Hayward, CA
- Median annual wage for full-time seniors (adjusted): $61,753
- Median annual wage for full-time seniors (precise): $74,000
- Median annual wage for all full-time employees (adjusted): $71,767
- Share of full-time workforce which are seniors: 4.4%
- Share of inhabitants which are seniors: 16.7%
12. Baltimore-Columbia-Towson, MD
- Median annual wage for full-time seniors (adjusted): $61,898
- Median annual wage for full-time seniors (precise): $65,000
- Median annual wage for all full-time employees (adjusted): $61,898
- Share of full-time workforce which are seniors: 5.2%
- Share of inhabitants which are seniors: 16.2%
11. Windfall-Warwick, RI-MA
- Median annual wage for full-time seniors (adjusted): $62,254
- Median annual wage for full-time seniors (precise): $63,000
- Median annual wage for all full-time employees (adjusted): $59,289
- Share of full-time workforce which are seniors: 5.1%
- Share of inhabitants which are seniors: 18.1%
10. Milwaukee-Waukesha-West Allis, WI
- Median annual wage for full-time seniors (adjusted): $62,752
- Median annual wage for full-time seniors (precise): $60,000
- Median annual wage for all full-time employees (adjusted): $57,523
- Share of full-time workforce which are seniors: 3.4%
- Share of inhabitants which are seniors: 16.7%
9. Nashville-Davidson–Murfreesboro–Franklin, TN
- Median annual wage for full-time seniors (adjusted): $62,807
- Median annual wage for full-time seniors (precise): $60,000
- Median annual wage for all full-time employees (adjusted): $52,339
- Share of full-time workforce which are seniors: 4.0%
- Share of inhabitants which are seniors: 14.3%
8. Buffalo-Cheektowaga-Niagara Falls, NY
- Median annual wage for full-time seniors (adjusted): $63,084
- Median annual wage for full-time seniors (precise): $60,000
- Median annual wage for all full-time employees (adjusted): $56,775
- Share of full-time workforce which are seniors: 4.1%
- Share of inhabitants which are seniors: 19.0%
7. San Jose-Sunnyvale-Santa Clara, CA
- Median annual wage for full-time seniors (adjusted): $64,491
- Median annual wage for full-time seniors (precise): $72,000
- Median annual wage for all full-time employees (adjusted): $89,570
- Share of full-time workforce which are seniors: 4.1%
- Share of inhabitants which are seniors: 14.5%
6. Tucson, AZ
- Median annual wage for full-time seniors (adjusted): $64,570
- Median annual wage for full-time seniors (precise): $60,000
- Median annual wage for all full-time employees (adjusted): $51,656
- Share of full-time workforce which are seniors: 4.6%
- Share of inhabitants which are seniors: 20.6%
5. San Diego-Carlsbad, CA
- Median annual wage for full-time seniors (adjusted): $65,133
- Median annual wage for full-time seniors (precise): $75,000
- Median annual wage for all full-time employees (adjusted): $52,106
- Share of full-time workforce which are seniors: 3.9%
- Share of inhabitants which are seniors: 14.9%
4. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
- Median annual wage for full-time seniors (adjusted): $65,518
- Median annual wage for full-time seniors (precise): $65,000
- Median annual wage for all full-time employees (adjusted): $62,494
- Share of full-time workforce which are seniors: 5.1%
- Share of inhabitants which are seniors: 16.8%
3. Boston-Cambridge-Newton, MA-NH
- Median annual wage for full-time seniors (adjusted): $70,198
- Median annual wage for full-time seniors (precise): $77,000
- Median annual wage for all full-time employees (adjusted): $68,375
- Share of full-time workforce which are seniors: 4.8%
- Share of inhabitants which are seniors: 16.5%
2. Hartford-West Hartford-East Hartford, CT
- Median annual wage for full-time seniors (adjusted): $70,788
- Median annual wage for full-time seniors (precise): $72,000
- Median annual wage for all full-time employees (adjusted): $63,906
- Share of full-time workforce which are seniors: 4.9%
- Share of inhabitants which are seniors: 18.3%
1. Washington-Arlington-Alexandria, DC-VA-MD-WV
- Median annual wage for full-time seniors (adjusted): $73,649
- Median annual wage for full-time seniors (precise): $82,000
- Median annual wage for all full-time employees (adjusted): $70,056
- Share of full-time workforce which are seniors: 4.8%
- Share of inhabitants which are seniors: 13.9%
Methodology
The info used on this evaluation is from the U.S. Census Bureau’s 2021 American Community Survey.
To find out the best-paying areas for working seniors, researchers at Smartest Greenback calculated the cost-of-living adjusted median annual wage for seniors working full-time.
Within the occasion of a tie, the situation with the higher unadjusted median annual wage for seniors working full-time was ranked greater. For the needs of this evaluation, seniors have been thought-about to be ages 65 and older.
