The gender pay gap in the U.S. has persisted in the past two decades, with women earning, on average, 82 percent of what men do. This — and other factors like student loan debt and lack of opportunities for career advancement — 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 received an average 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 have to stretch their retirement savings for longer. 

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

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

The First State also draws many retirees thanks to its tax-friendly status and policies. In addition to not charging a sales tax, it also does not tax social security income. Moreover, its residents benefit from a low income tax and additional deductions for filers 65 and over.

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

Of course, there’s more to Delaware that makes it an excellent retirement destination. The state occupies a central location in the northeast and is close to cities like Philadelphia, Washington D.C., and New York City. Its communities remain laid-back and tranquil. Delaware also has a 25-mile Atlantic coastline, where you’ll find some of the best beaches on the East Coast, including the “Nationa’s Summer Capital,” Rehoboth Beach.

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