Best and Worst States to Retire In (2017)

 

 

With 31 percent of all non-retired adults having no retirement savings or pension because many simply cannot afford to contribute to any type of plan, the personal-finance website WalletHub conducted an in-depth analysis identifying where the best and worst states for retirement are.

Retirement might be the end of the line, but it doesn’t have to be the end of financial security or life satisfaction. Timing is often a primary concern with retirement, as it generally coincides with the age at which we become eligible to draw Social Security or pension benefits. Hopefully the choice will be ours and not dictated by our circumstances — the unfortunate case for nearly a third of non-retirees who haven’t put away a single penny for retirement, though not necessarily through any fault of their own.

But in addition to when you want to retire, a good question to ask is where, which can be difficult to answer if you haven’t adequately planned for your golden years. Even in the most affordable areas of the U.S., most retirees cannot rely on Social Security or pension checks alone to cover all of their living expenses. Social Security benefits increase progressively with local inflation, but they replace only about 40 percent of the amount you earned if you were an average worker, according to the Center on Budget and Policy Priorities.

If retirement is still a big question mark for you because of finances, consider relocating to a state that lets you keep more money in your pocket without requiring a drastic lifestyle change. To help you find that permanent, affordable place to call home, WalletHub’s analysts compared the 50 states and the District of Columbia across 31 key indicators of retirement-friendliness. Our analysis examines affordability, health-related factors and overall quality of life. The data set ranges from “adjusted cost of living” to “weather” to “quality of public hospitals.”

 

 

Best States to Retire

 

Worst States to Retire

 

1

Florida

 

42

Arkansas

 

2

Wyoming

 

43

Kentucky

 

3

South Dakota

 

44

Vermont

 

4

Iowa

 

45

New Mexico

 

5

Colorado

 

46

New Jersey

 

6

Idaho

 

47

Hawaii

 

7

South Carolina

 

48

Connecticut

 

8

Nevada

 

49

District of Columbia

 

9

Delaware

 

50

Alaska

 

10

Wisconsin

 

51 

Rhode Island

 


New York

Rank: 41

Score: 53.54

Quality of Life: 1

Quality of Med Care: 30

 

New York is:

Tied for fifth with highest life expectancy;

Second in lowest property crime rate;

Tied for first with most theaters;

First in museums per capita.

 


 

Best vs. Worst

  • Mississippi has the lowest adjusted cost-of-living index for retirees, 85.6, which is 1.9 times lower than in Hawaii, where it is highest at 165.3.
  • Louisiana has the lowest annual cost of in-home services, $34,892, which is 1.8 times lower than in North Dakota, where it is highest at $63,972.
  • Alaska has the highest share of the population aged 65 and older working, 22.34 percent, which is 1.8 times higher than in West Virginia, where it is lowest at 12.32 percent.
  • Florida has the highest share of the population aged 65 and older, 18.6 percent, which is 2.1 times higher than in Alaska, where it is lowest at 9.0 percent.
  • Vermont has the lowest property-crime rate per 1,000 residents, 14.07, which is 3.3 times lower than in the District of Columbia, where it is highest at 46.76.

To view the full report your state or the District’s rank, please visit: wallethub.com/edu/best-and-worst-states-to-retire/18592/

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