A new analysis may sway older adults to move to another location for retirement. Is your community in a recommended state?
Evolution Finance website WalletHub came up with its 2016 Best and Worst States to Retire rankings by culling data related to affordability, quality of life and healthcare — a total of 24 metrics — from several government entities and other sources. The analysis also includes Washington, D.C.
“If retirement is still a big question mark for you because of finances, we recommend you consider relocating to a retirement-friendly state — one that will let you keep more money in your pocket without drastically modifying your lifestyle,” the site recommends to those planning their retirements.
Overall, the top state on the list is Florida. The most affordable state for retirement was determined to be Wyoming. For quality of life, the top state is California. Healthcare in retirement is best in South Dakota, according to the rankings.
Florida also had the highest percentage of population aged 65 or more years, WalletHub says, but Hawaii is number one in life expectancy.
The analysis also ranks states based on cost of living and taxes, employment of those aged more than 65 years, cultural factors and crime rates, and it includes advice from financial experts about retirement planning.
The interactive graphic below depicts overall findings.
