The 15 best paying cities for working seniors in 2023

Editor’s word: This story initially appeared in The smartest dollar.

With most seniors out of the workforce and residing off mounted revenue or retirement financial savings, the quickly rising price of residing has set in financial stress to older households.

Inflation apart, seniors want extra money than ever earlier than to dwell comfortably in retirement. the The average life expectancy of a 65-year-old man in the USA for greater than 4 years since 1970.

Older adults additionally face higher well being issues than the remainder of the inhabitants, which comes at a excessive price. The Facilities for Medicare and Medicaid Providers estimates that per capita Spending on health care for the elderly It’s practically 3 times that of the working-age inhabitants.

Confronted with these situations, older Individuals are staying within the workforce longer.

To find out the best-paying areas for working seniors, the Smartest Greenback researchers calculated the cost-of-living-adjusted median annual wage for seniors who work full-time. The information used on this evaluation is from the US Census Bureau.

For the needs of this evaluation, aged folks aged 65 and over had been thought-about. Discover particulars about our methodology on the finish.

Listed below are the perfect paying metropolitan areas in the USA for working seniors.

15. Oklahoma Metropolis, OK

• Median annual wage for full-time seniors (adjusted): $60,372
• Common annual wage for full-time seniors (precise): $56,000
• Median annual wage for all full-time staff (adjusted): $50,669
• Share of the full-time workforce within the aged: 3.8%
• Older inhabitants proportion: 14.8%

14. Cincinnati, oh-ky-in

• Median annual wage for full-time seniors (adjusted): $60,418
• Common annual wage for full-time seniors (precise): $57,000
• Median annual wage for all full-time staff (adjusted): $58,298
• Share of the full-time workforce within the aged: 3.8%
• Older inhabitants proportion: 15.8%

13. San Francisco – Oakland – Hayward, California

• Median annual wage for full-time seniors (adjusted): $61,753
• Common annual wage for full-time seniors (precise): $74,000
• Median annual wage for all full-time staff (adjusted): $71,767
• Share of the full-time workforce within the aged: 4.4%
• Older inhabitants proportion: 16.7%

12. Baltimore Columbia Towson, MD

• Median annual wage for full-time seniors (adjusted): $61,898
• Common annual wage for full-time seniors (precise): $65,000
• Median annual wage for all full-time staff (adjusted): $61,898
• Share of the full-time workforce within the aged: 5.2%
• Older inhabitants proportion: 16.2%

11. Windfall Warwick, RI-MA

• Median annual wage for full-time seniors (adjusted): $62,254
• Common annual wage for full-time seniors (precise): $63,000
• Median annual wage for all full-time staff (adjusted): $59,289
• Share of the full-time workforce within the aged: 5.1%
• Older inhabitants proportion: 18.1%

10. Milwaukee – Waukesha – West Allis, Wisconsin

• Median annual wage for full-time seniors (adjusted): $62,752
• Common annual wage for full-time seniors (precise): 60 thousand {dollars}
• Median annual wage for all full-time staff (adjusted): $57,523
• Share of the full-time workforce within the aged: 3.4%
• Older inhabitants proportion: 16.7%

9. Nashville-Davidson-Murfreesboro-Franklin, Tennessee

• Median annual wage for full-time seniors (adjusted): $62,807
• Common annual wage for full-time seniors (precise): 60 thousand {dollars}
• Median annual wage for all full-time staff (adjusted): $52,339
• Share of the full-time workforce within the aged: 4.0%
• Older inhabitants proportion: 14.3%

8. Buffalo Cheektowaga Niagara Falls, New York

• Median annual wage for full-time seniors (adjusted): $63,084
• Common annual wage for full-time seniors (precise): 60 thousand {dollars}
• Median annual wage for all full-time staff (adjusted): $56,775
• Share of the full-time workforce within the aged: 4.1%
• Older inhabitants proportion: 19.0%

7. San Jose – Sunnyvale – Santa Clara, California

• Median annual wage for full-time seniors (adjusted): $64,491
• Common annual wage for full-time seniors (precise): $72,000
• Median annual wage for all full-time staff (adjusted): $89,570
• Share of the full-time workforce within the aged: 4.1%
• Older inhabitants proportion: 14.5%

6. Tucson, Arizona

• Median annual wage for full-time seniors (adjusted): $64,570
• Common annual wage for full-time seniors (precise): 60 thousand {dollars}
• Median annual wage for all full-time staff (adjusted): $51,656
• Share of the full-time workforce within the aged: 4.6%
• Older inhabitants proportion: 20.6%

5. San Diego Carlsbad, California

• Median annual wage for full-time seniors (adjusted): $65,133
• Common annual wage for full-time seniors (precise): $75,000
• Median annual wage for all full-time staff (adjusted): $52,106
• Share of the full-time workforce within the aged: 3.9%
• Older inhabitants proportion: 14.9%

4. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD

• Median annual wage for full-time seniors (adjusted): $65,518
• Common annual wage for full-time seniors (precise): $65,000
• Median annual wage for all full-time staff (adjusted): $62,494
• Share of the full-time workforce within the aged: 5.1%
• Older inhabitants proportion: 16.8%

3. Boston – Cambridge – Newton, MA – NH

• Median annual wage for full-time seniors (adjusted): $70,198
• Common annual wage for full-time seniors (precise): $77,000
• Median annual wage for all full-time staff (adjusted): $68,375
• Share of the full-time workforce within the aged: 4.8%
• Older inhabitants proportion: 16.5%

2. Hartford – West Hartford – East Hartford, Connecticut

• Median annual wage for full-time seniors (adjusted): $70,788
• Common annual wage for full-time seniors (precise): $72,000
• Median annual wage for all full-time staff (adjusted): $63,906
• Share of the full-time workforce within the aged: 4.9%
• Older inhabitants proportion: 18.3%

1. Washington-Arlington-Alexandria, DC-VA-MD-WV

• Median annual wage for full-time seniors (adjusted): $73,649
• Common annual wage for full-time seniors (precise): $82,000
• Median annual wage for all full-time staff (adjusted): $70,056
• Share of the full-time workforce within the aged: 4.8%
• Older inhabitants proportion: 13.9%

methodology

The information used on this evaluation is from the US Census Bureau 2021 American Community Survey.

To find out the best-paying areas for working seniors, the Smartest Greenback researchers calculated the cost-of-living-adjusted median annual wage for seniors who work full-time.

At a tie, the placement with the biggest unadjusted median annual wage for full-time seniors was ranked larger. For the needs of this evaluation, aged folks aged 65 and over had been thought-about.