Retirement is meant to be a time to relax, enjoy life, and not worry about finances. However, choosing the right place to retire can make a huge difference. WalletHub did the hard work for you by ranking the best and worst states for retirement, considering factors like tax rates, cost of living, healthcare quality, and opportunities for recreation. Here’s what they found.
The Best States for Retirement
WalletHub used 46 key factors to rank the states, and Florida came out on top. Here’s the list of the best states for retirement based on their affordability, quality of life, and healthcare:
Top 10 Best States for Retirement
- Florida – Total Score: 62.76
- Minnesota – Total Score: 62.74
- Colorado – Total Score: 61.71
- Wyoming – Total Score: 60.79
- South Dakota – Total Score: 60.76
- Pennsylvania – Total Score: 60.44
- New Hampshire – Total Score: 58.64
- Delaware – Total Score: 58.62
- North Dakota – Total Score: 58.45
- Wisconsin – Total Score: 57.75
Why Florida is #1 for Retirement
Florida ranks first due to its tax advantages for retirees, including no state income, estate, or inheritance taxes. This makes it a financially friendly place for retirement. Additionally, Florida has excellent healthcare funding for seniors and warm weather that encourages outdoor activities year-round.
The state also ranks second for volunteer opportunities, and if you’re a theater lover, you’ll be pleased to know that Florida has one of the highest numbers of theater companies in the nation.
The Worst States for Retirement
While Florida takes the top spot, Kentucky has earned the title of the worst state for retirement according to WalletHub. Here’s why:
Why Kentucky is Ranked the Worst for Retirement
Despite having relatively affordable living costs, Kentucky ranks poorly in key areas like healthcare and quality of life. More troubling, it has one of the worst life expectancies in the nation, ranking 47th out of all 50 states and Washington D.C.
While affordability is a factor, it isn’t enough to make Kentucky a good place for retirees. The state’s healthcare and life expectancy statistics paint a concerning picture for older residents.
Bottom 5 States for Retirement
- New Jersey – Total Score: 46.36
- New Mexico – Total Score: 45.99
- Mississippi – Total Score: 45.33
- Louisiana – Total Score: 44.54
- Kentucky – Total Score: 42.46
What Makes Florida Ideal for Retirees?
Florida’s appeal to retirees goes beyond its low taxes. The state’s warm climate helps seniors stay active, and its outdoor culture encourages a healthier lifestyle, which could explain why Florida has one of the lowest death rates for people aged 65 and above.
Additionally, Florida offers numerous opportunities to stay engaged in your community, whether through volunteer work or attending theater performances. These factors combined make it an ideal state for retirees looking to live a fulfilling life.
Choosing the right state for retirement involves more than just finding affordable housing. The best states offer a combination of financial benefits, quality healthcare, and recreational opportunities that help retirees enjoy their golden years. Florida tops the list thanks to its tax advantages, warm weather, and abundant volunteer and entertainment options. On the other hand, states like Kentucky may not be the best choice due to concerns about healthcare and life expectancy.
Whether you’re considering relocating or planning for retirement, make sure to consider all factors before making your decision. With careful planning, you can enjoy a comfortable and happy retirement, no matter where you choose to settle.
