Best and Worst States to Retire – An Analysis by WalletHub
There are some people who plan to work hard 'till their old and grey. But for the majority, we're putting in all we've got now so we can enjoy our golden years with blissfully well-deserved rest and relaxation. Retirement is on the radar for almost everyone, whether that day will come in decades from now or is just around the corner.
As per the personal finance website, WalletHub, "31 percent of all non-retired adults have no retirement savings or pension because many simply cannot afford to contribute to any type of plan." This puts where they live at high importance. Factors like cost of living and senior-friendly accommodations vary from state to state, so those planning retirement without significant savings should research some of the best (and worst) states to retire. Planning ahead of time will make retirement less stressful and more money-wise.
WalletHub conducted an analysis comparing the 50 U.S. states and the District of Columbia using 31 key metrics including affordability, adjusted cost of living, entertainment, crime rate, health-related factors, and overall quality of life, to determine which states are the most retirement-friendly and those that would not suit retirees as well. As per WalletHub, the states which scored the best, "let you keep more money in your pocket without requiring a drastic lifestyle change."
See if your state made the 10 best or the 10 worst list or if any of the states which stood out were ones you or a family member were considering for retirement.
10 Best States to Retire
- South Dakota
- South Carolina
10 Worst States to Retire
- Rhode Island
- District of Columbia
- New Jersey
- New Mexico
For the full ranking, see WalletHub's analytical findings here.