Top and bottom 5 states for retirement in 2023

Top and bottom 5 states for retirement in 2023

Retiring in Style: The Best and Worst States in the US

When it comes to retirement, choosing the perfect destination is crucial. Retirement should be a time of relaxation, enjoyment, and the opportunity to live out your dreams. But, have you ever wondered which states in the US are the best – and worst – for retirees? Well, wonder no more! Thanks to a study conducted by Bankrate, we now have a comprehensive analysis of the top five best and worst states to retire in for 2023.

The Factors Considered

Bankrate’s study took into account several key factors that play a vital role in shaping retirees’ quality of life. Affordability, overall well-being, weather, quality and cost of healthcare, and crime rates were the key metrics used to determine the rankings. Each category was assigned a specific weight, reflecting its importance in retirement life.

Let’s take a closer look at how each factor was assessed:

• Affordability (40% weight): Finances play a crucial role in retirement. The study analyzed the cost of living, housing prices, taxes, and other financial indicators to determine the affordability of each state.
• Crime (5% weight): Safety is paramount during retirement. States were evaluated based on crime rates, ensuring retirees can feel secure in their new homes.
• Quality and Cost of Healthcare (20% weight): Access to quality healthcare and its affordability are crucial aspects for retirees. This category measured factors such as healthcare facilities, insurance costs, and the general quality of healthcare in each state.
• Weather (10% weight): Let’s face it, sunshine and pleasant weather can greatly enhance retirement living. The study assessed the average temperature, precipitation levels, and overall climate of each state.
• Overall Well-being (25% weight): Retirement isn’t just about finances and safety. Emotional and physical well-being is equally important. This category factored in aspects such as life satisfaction, community engagement, and access to recreational activities.

The Best States to Retire In

Now that we understand the key metrics used in the study, let’s explore the top five states that ranked as the best places to retire in for 2023:

1. Iowa: Surprisingly, Iowa claimed the top spot as the best state to retire in. Known for its affordability and low crime rates, Iowa offers retirees a peaceful and secure environment to enjoy their golden years.

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2. New Hampshire: With its picturesque landscapes and low crime rates, New Hampshire secured the second position on the list. The state also boasts relatively affordable healthcare costs, making it an appealing choice for retirees.

3. Colorado: If you’re a nature enthusiast, Colorado might just be the perfect state for your retirement. The state’s stunning scenery and outdoor recreational opportunities contribute to high overall well-being scores. Additionally, Colorado offers quality healthcare facilities and relatively low crime rates.

4. Vermont: Known for its charming small towns and scenic beauty, Vermont ranked fourth on the list. Retirees can enjoy a slower-paced lifestyle in this state, while also benefiting from excellent healthcare facilities and a low crime rate.

5. Minnesota: Rounding off the top five is Minnesota, known for its friendly people and high quality of life. The state scored well in all key metrics, particularly in overall well-being, making it an attractive choice for retirees seeking a balanced and fulfilling retirement.

The Worst States to Retire In

Unfortunately, not all states are created equal when it comes to retirement. Let’s take a look at the five states that ranked at the bottom of the list:

1. Alaska: Due to its harsh weather conditions and high crime rates, Alaska claimed the title of the worst state to retire in. While the state’s natural beauty is undeniable, it may not provide the ideal environment for retirees.

2. New Mexico: Despite its warm climate and beautiful landscapes, New Mexico ranked second from the bottom. The state’s high crime rates and relatively low overall well-being scores were the primary factors contributing to its position.

3. Louisiana: Known for its vibrant culture and delicious cuisine, Louisiana unfortunately ranked poorly as a retirement destination. High crime rates and relatively low overall well-being scores made it one of the worst states for retirees.

4. New York: The Big Apple might be a dream location for many, but as a retirement destination, New York does not fare well. High living costs, a high crime rate, and less favorable weather conditions contribute to its position near the bottom of the list.

5. Arkansas: Last but not least, Arkansas rounds off the bottom five. The state scored poorly in affordability, overall well-being, and weather, making it a less appealing option for retirees.

Conclusion

Retirement should be a time of relaxation and fulfillment. Choosing the right state to retire in can greatly enhance the quality of your golden years. According to Bankrate’s study, Iowa takes the crown as the best state to retire in, offering affordability, safety, and overall well-being. On the other end of the spectrum, Alaska ranked as the worst state due to its notorious weather and high crime rates.

When considering your retirement destination, it’s important to weigh factors such as affordability, safety, healthcare, overall well-being, and weather. Whether you’re looking for a peaceful countryside or an active urban lifestyle, finding the perfect state that aligns with your retirement goals and desires is essential.

• Bankrate
• Features
• retirement