Buzz
One of the harsh realities of life is that planning for retirement is becoming increasingly difficult. With shrinking 401(k) balances, rising inflation, and job instability, many people are being forced to work longer than they initially planned.
An often overlooked factor in retirement planning is where you choose to live. Your location can influence everything from how far your money goes to the cost of health care.
Recently, WalletHub, a financial planning website, analyzed all 50 states to determine which are the most favorable for retirees. They assessed each state based on affordability (cost of living, taxes), quality of life (social opportunities, climate, food insecurity), and health care (healthcare providers per capita, hospital ratings). In total, they used 47 metrics, each scored on a 100-point scale, to determine each state's overall score.
The 10 States That Are Most Ideal for Retirement:
Rank | State | Overall Score |
|---|---|---|
1 | Virginia | 57.55 |
2 | Florida | 57.43 |
3 | Colorado | 57.41 |
4 | Wyoming | 55.60 |
5 | Delaware | 55.49 |
6 | New Hampshire | 55 |
7 | South Dakota | 53.61 |
8 | Minnesota | 53.50 |
9 | Idaho | 53.20 |
10 | North Dakota | 53.03 |
WalletHub's top choice, Virginia, aligns with a 2022 report from U.S. News and World Report, which ranked two Virginia cities—Virginia Beach and Richmond—as among the best places to settle. That same report also highlighted several Florida cities in the top 10.
The 10 States With the Lowest Rankings:
Rank | State | Score |
|---|---|---|
41 | Arkansas | 44.73 |
42 | Maryland | 44.55 |
43 | Washington | 44.46 |
44 | Illinois | 44.30 |
45 | Louisiana | 43.90 |
46 | New York | 43.69 |
47 | Oklahoma | 43.61 |
48 | Mississippi | 40.80 |
49 | New Jersey | 40.23 |
50 | Kentucky | 38.80 |
Kentucky lands at the bottom due to poor rankings in health care, placing 46th overall. One contributing factor could be its high adult smoking rate, with nearly a quarter of the population lighting up.
To see the full list, head over to WalletHub.
