This is no. 1 US State for Retiring Women

The gender pay gap in the US has persisted for the past two decades, with women earning an average of 82 percent of what men do. This—and other factors like student loan debt and a lack of career advancement opportunities—results in a significant disparity in retirement savings, with women having 30 percent less saved by the time they retire.

The Social Security Administration reported that women 65 and older earned a median annual income of $14,204 compared to men’s $18,108 in 2021. Additionally, since women live about five years longer than men in the U.S., they should make their retirement savings last longer.

According to financial website InsiderMonkey.com, Delaware has the best retirement conditions for women based on factors such as life expectancy, average Social Security benefits, income, cost of living and tax ease.

“The country exhibits a notable gender pay ratio, with women earning 95.5 percent of men’s earnings, demonstrating significant progress towards gender equality. While life expectancy at 79.5 years is slightly lower. [than the national average]Delaware maintains a reasonable cost of living, at 101.1, providing financial stability,” the website reported, adding that the average monthly Social Security benefit for women in Delaware is $1,608.4.

The First State also attracts many retirees thanks to its tax-friendly status and policies. In addition to not charging a sales tax, Social Security income is not taxed either. In addition, its residents benefit from a low income tax and additional discounts for filers 65 and over.

Last year, Bankrate.com also ranked Delaware as one of the top three states for retirement. Currently, over 20 percent of its population, or 190,000, are aged 65 or older, and this number is projected to increase by more than 40 percent by 2040.

Of course, there is more to Delaware that makes it a great retirement destination. The state occupies a central location in the Northeast and is close to cities such as Philadelphia, Washington DC and New York City. Its communities remain quiet and peaceful. Delaware also has 25 miles of Atlantic coastline where you’ll find some of the best beaches on the East Coast, including the “Summer Capital of the Nation,” Rehoboth Beach.

Second on InsiderMonkey.com’s list of the best states for women to retire is Washington, and Minnesota is third. You can view the entire list at insidermonkey.com.