Retirement comes with plenty of questions. Do I have enough saved for the future? What will I do with all my free time? Will I have the best health care available at my fingertips? And it turns out, if you move to the right state, you can have all that and more.
To help people figure out which state is the absolute best to live in for retirement, WalletHub compared every state across 46 indicators of “retirement-friendliness,” including financial aspects like tax rates and the cost of living to health care access and quality of life measurements like public transportation options, the share of the population at retirement age (65 and older), and even the mildness of local weather.
After looking at all the data, perhaps unsurprisingly, Florida came out on top.
"Florida isn’t known as a retirement paradise for nothing — it ranks as the best state to retire due to its relatively low taxes for retired people, including no estate, inheritance, or income taxes,” WalletHub wrote in its findings. “The cost of adult day health care (health services for seniors who don’t need around-the-clock care) and homemaker services are also lower than in most other states.”
It additionally noted that beyond the spectacular tax benefits, Florida also boasts some rather impressive lifestyle perks, too, including having the “second-most shoreline miles of any state” and for ranking among the top states for volunteer opportunities. Its only downfall, WallethHub noted, is an increasing cost of living, which could prove too much for some.
The second-place state may come as more of a surprise. WalletHub named Colorado its No. 2 pick as it offers “similarly taxpayer-friendly conditions, with no estate or inheritance taxes.” It’s also a great state for seniors looking to take care of both their physical and mental health and is home to “some of the best geriatrics hospitals in the country,” according to WalletHub.
Joining these states in the top 10 is Virginia in third, followed by, Delaware, Wyoming, Idaho, New Hampshire, Minnesota, Montana, and Pennsylvania.
As for how you can prepare to retire no matter where you want to live, WalletHub expert Karen Magruder, an assistant professor of practice, at the University of Texas at Arlington, shared in the findings that it’s all about preparation.
“The biggest mistake would be not to make a plan. While everyone approaches retirement planning differently, a common oversight is underestimating expenses, especially healthcare costs,” Magruder said. “This is especially true if someone outlives their savings or needs long-term care. Familiarize yourself with what Medicare and/or your health insurance does and does not cover. It is also important to ensure that your post-retirement lifestyle does not outpace your retirement savings.”
See all the findings and more expert advice at wallethub.com.
