Top States for Retirement: Bankrate’s Ranking of the Best and Worst States to Retire

The Best and Worst States for Americans to Retire Revealed

A recent report by Bankrate has shed light on the best and worst states for Americans to consider retiring in. The study, which evaluated all 50 states on various data points including living costs, health care costs, crime rates, and overall well-being, aimed to help individuals make informed decisions about their retirement destinations.

According to Alex Gailey, an analyst at Bankrate, affordability is a critical factor for most Americans who feel behind on saving for retirement. Making a move to a more affordable location can help retirees stretch their savings in today’s economy.

The top five best states for retirement, as per Bankrate’s findings, are as follows:
1. Delaware: Recognized for its high-quality health care, light tax burden, affordable homeowners insurance, and favorable weather.
2. West Virginia: Boasting affordability but lacking in quality and cost of health care.
3. Georgia: Moved up in rankings due to increased affordability.
4. South Carolina: Stood out in terms of weather, overall well-being, and quality of health care.
5. Missouri: Noted for affordability, cost of living, and property taxes.

On the flip side, the worst states for retirement included North Dakota, California, Washington, New York, and Alaska, with Alaska ranking at the bottom for the second consecutive year. Factors such as affordability, health care quality and cost, weather, and crime rates contributed to these states’ poor rankings.

If you are considering a retirement relocation within the U.S., Bankrate advises taking into account your financial situation, community ties for social connections, cost of living, access to quality health care, tax implications, and climate suitability. Making a well-rounded decision based on these factors can help ensure a smooth and enjoyable retirement experience in your chosen state.