15 Best-Paying Cities for Working Seniors in 2023

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Editor’s Note: This story originally appeared on Smartest Dollar.

With most seniors out of the workforce and living on fixed incomes or retirement savings, the rapidly rising cost of living has put a financial strain on older households.

Beyond inflation, however, seniors need more money than ever to live comfortably in retirement. The life expectancy of a 65-year-old in the U.S. has risen by more than four years since 1970.

Seniors also face greater health issues than the rest of the population, which comes at a high cost. The Centers for Medicare and Medicaid Services estimate that per-capita health care spending for seniors is nearly three times as high as that for the working-age population.

Faced with these circumstances, older Americans are staying in the workforce longer.

To determine the best-paying locations for working seniors, researchers at Smartest Dollar calculated the cost-of-living adjusted median annual wage for seniors working full-time. The data used in this analysis is from the U.S. Census Bureau.

For the purposes of this analysis, seniors were considered to be age 65 and older. Find details on our methodology at the end.

Here are the best-paying U.S. metropolitan areas for working seniors.

15. Oklahoma City, OK

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Median annual wage for full-time seniors (adjusted): $60,372
Median annual wage for full-time seniors (actual): $56,000
Median annual wage for all full-time workers (adjusted): $50,669
Share of full-time workforce that are seniors: 3.8%
Share of population that are seniors: 14.8%

14. Cincinnati, OH-KY-IN

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Median annual wage for full-time seniors (adjusted): $60,418
Median annual wage for full-time seniors (actual): $57,000
Median annual wage for all full-time workers (adjusted): $58,298
Share of full-time workforce that are seniors: 3.8%
Share of population that are seniors: 15.8%

13. San Francisco-Oakland-Hayward, CA

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Median annual wage for full-time seniors (adjusted): $61,753
Median annual wage for full-time seniors (actual): $74,000
Median annual wage for all full-time workers (adjusted): $71,767
Share of full-time workforce that are seniors: 4.4%
Share of population that are seniors: 16.7%

12. Baltimore-Columbia-Towson, MD

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Median annual wage for full-time seniors (adjusted): $61,898
Median annual wage for full-time seniors (actual): $65,000
Median annual wage for all full-time workers (adjusted): $61,898
Share of full-time workforce that are seniors: 5.2%
Share of population that are seniors: 16.2%

11. Providence-Warwick, RI-MA

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Median annual wage for full-time seniors (adjusted): $62,254
Median annual wage for full-time seniors (actual): $63,000
Median annual wage for all full-time workers (adjusted): $59,289
Share of full-time workforce that are seniors: 5.1%
Share of population that are seniors: 18.1%

10. Milwaukee-Waukesha-West Allis, WI

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Median annual wage for full-time seniors (adjusted): $62,752
Median annual wage for full-time seniors (actual): $60,000
Median annual wage for all full-time workers (adjusted): $57,523
Share of full-time workforce that are seniors: 3.4%
Share of population that are seniors: 16.7%

9. Nashville-Davidson–Murfreesboro–Franklin, TN

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Median annual wage for full-time seniors (adjusted): $62,807
Median annual wage for full-time seniors (actual): $60,000
Median annual wage for all full-time workers (adjusted): $52,339
Share of full-time workforce that are seniors: 4.0%
Share of population that are seniors: 14.3%

8. Buffalo-Cheektowaga-Niagara Falls, NY

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Median annual wage for full-time seniors (adjusted): $63,084
Median annual wage for full-time seniors (actual): $60,000
Median annual wage for all full-time workers (adjusted): $56,775
Share of full-time workforce that are seniors: 4.1%
Share of population that are seniors: 19.0%

7. San Jose-Sunnyvale-Santa Clara, CA

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Median annual wage for full-time seniors (adjusted): $64,491
Median annual wage for full-time seniors (actual): $72,000
Median annual wage for all full-time workers (adjusted): $89,570
Share of full-time workforce that are seniors: 4.1%
Share of population that are seniors: 14.5%

6. Tucson, AZ

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Median annual wage for full-time seniors (adjusted): $64,570
Median annual wage for full-time seniors (actual): $60,000
Median annual wage for all full-time workers (adjusted): $51,656
Share of full-time workforce that are seniors: 4.6%
Share of population that are seniors: 20.6%

5. San Diego-Carlsbad, CA

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Median annual wage for full-time seniors (adjusted): $65,133
Median annual wage for full-time seniors (actual): $75,000
Median annual wage for all full-time workers (adjusted): $52,106
Share of full-time workforce that are seniors: 3.9%
Share of population that are seniors: 14.9%

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

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Median annual wage for full-time seniors (adjusted): $65,518
Median annual wage for full-time seniors (actual): $65,000
Median annual wage for all full-time workers (adjusted): $62,494
Share of full-time workforce that are seniors: 5.1%
Share of population that are seniors: 16.8%

3. Boston-Cambridge-Newton, MA-NH

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Median annual wage for full-time seniors (adjusted): $70,198
Median annual wage for full-time seniors (actual): $77,000
Median annual wage for all full-time workers (adjusted): $68,375
Share of full-time workforce that are seniors: 4.8%
Share of population that are seniors: 16.5%

2. Hartford-West Hartford-East Hartford, CT

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Median annual wage for full-time seniors (adjusted): $70,788
Median annual wage for full-time seniors (actual): $72,000
Median annual wage for all full-time workers (adjusted): $63,906
Share of full-time workforce that are seniors: 4.9%
Share of population that are seniors: 18.3%

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

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Median annual wage for full-time seniors (adjusted): $73,649
Median annual wage for full-time seniors (actual): $82,000
Median annual wage for all full-time workers (adjusted): $70,056
Share of full-time workforce that are seniors: 4.8%
Share of population that are seniors: 13.9%

Methodology

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The data used in this analysis is from the U.S. Census Bureau’s 2021 American Community Survey.

To determine the best-paying locations for working seniors, researchers at Smartest Dollar calculated the cost-of-living adjusted median annual wage for seniors working full-time.

In the event of a tie, the location with the greater unadjusted median annual wage for seniors working full-time was ranked higher. For the purposes of this analysis, seniors were considered to be ages 65 and older.