New Study Ranks the Best States to Retire In
One of the biggest decisions workers will make in their lifetime is when to retire. However determining where to retire can be equally as important. While lifestyle, weather, and amenities can often lead this conversation, financial factors such as cost of living and overall tax burden should also be considered.
To help guide you, a new study conducted by the financial resource site WalletHub compared all 50 states (they excluded the District of Columbia) to determine what states were the best and worst for retirees. To arrive at their conclusions, researchers considered the affordability factors such as adjusted cost of living, tax friendliness, and cost of in-home services along with the quality of life and healthcare statistics. So what states came out on top?
Not surprisingly, with a score of 66.79, Florida had the highest rating overall. Meanwhile Colorado and South Dakota weren’t far behind with scores of 66.17 and 65.89 respectively, followed by Iowa and Virgina rounding out the top five. On the other end of the spectrum, Kentucky came in last place with a score of 43.06. Joining the Bluegrass State at the bottom were New Jersey, Rhode Island, Mississipi, and Arkansas.
Beyond their overall rankings, WalletHub also ranked the states in individual areas. For example the lowly-ranked Mississipi actually placed first in terms of adjusted cost of living while Hawaii proved to be the most expensive state. When it comes to the cost of in-home health services, Lousiana was first with North Dakota placing last. Among the more interesting findings, it was discovered that Alaska had the highest percentage of workers over 65 while West Virginia had the fewest. Finally, in terms of life expectancy, two states with very different climates topped the list: Hawaii and Minnesota.
Although these latest rankings are certainly intriguing and worth considering, ultimately other factors including where your family is and where you’ve made your home can also have a major impact on your decision regarding where to retire. Additionally some more adventurous individuals might even consider living abroad in their golden years — something this research won’t help you with. In any case, for more insights and to dive a bit deeper into the methodology of this study, head on over to WalletHub.