It’s a question that comes up frequently these days. Where’s a cheaper place to live?
Using safety, affordability, quality of life, health-related factors, and more than 40 other categories, WalletHub, a personal finance website, compared the 50 states to help retirees find the best way to retire.
|
Best states to retire |
Worst states to retire |
|
1. Florida |
41. Louisiana |
|
2. Virginia |
42. West Virginia |
|
3. Colorado |
43. Arkansas |
|
4. Delaware |
44. Rhode Island |
|
5. Minnesota |
45. Illinois |
|
6. North Dakota |
46. Oklahoma |
|
7. Montana |
47. Kentucky |
|
8. Utah |
48. New York |
|
T-9. Arizona |
49. Mississippi |
|
T-9. New Hampshire |
50. New Jersey |
Best vs. worst
- Mississippi has the lowest adjusted cost-of-living index for retirees, 85.87, which is 2.1 times lower than in Hawaii, where it’s highest at 182.59.
- Louisiana has the lowest median annual cost of elderly housekeeping, $38,896, which is 1.8 times lower than in Washington, where it is highest at $71,294.
- South Dakota has the highest share of the population aged 65 and older still working, 22.98 percent, which is 1.7 times higher than in West Virginia, where it’s lowest at 13.27 percent.
- Florida has the highest share of the population aged 65 and older, 20.10 percent, which is 1.9 times higher than in Utah, where it is lowest at 10.80 percent.
Check out the WalletHub report for more details. Finding the best states to retire can be difficult without doing lots of research.
Source: WalletHub
So many wonderful places to retire. But I think we’ll stay right where we are! 17 of 17 grandkids live right in our little town! 😉
Yes, most people want to stay where they are in retirement. Only about 25 percent of people move after they retire, and many of those stay in the same state.
I love living in Connecticut but see its right in the middle. Not surprised. It’s near New York and the beaches but can get very expensive. Interesting list!
Most people don’t move for retirement, but about 25 percent do. There’s a lot to be said for staying where you are and have roots and perhaps a home you’ve paid off. But, I do know some people who have moved to be near their kids and grandkids in retirement.
I guess I’m safe here in California where it isn’t cheap but the weather is usually awesome.
Well, California is 16th on the list. It has a lot to say for it, weather included. And for you, living in the Entertainment Capital has offered you interesting work in voice work and other ventures.
I know someone who tried to Mississippi and loves it. He’s from Connecticut so the cost of living was better and he studied the cost of health care and retirement homes and felt that he was better off there than in place like Florida. Currently he and his wife are living in a lake home they had built but they planned for the long term.
I’m glad Mississippi is working out for your friend and his family.