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New Jersey gave us Bruce Springsteen, Meryl Streep and Buzz Aldrin — but it might not give you the best retirement.
The Garden State was ranked the worst state to retire to in a recent WalletHub analysis, with Mississippi and New York close behind. It was second-to-last in affordability alone, and ranked 34th in quality of life and 28th in healthcare.
Mississippi, the second-worst state to retire in according to this analysis, scored 50th in quality of life, 49th in healthcare but 12th in affordability. New York was the seventh best state for healthcare, the 12th best for quality of life but the absolute last in affordability.
The best state to retire was Florida, followed by Virginia and Colorado, the study found.
See: I love small towns and rail-trails. My house budget is $200,000 – so where can I retire?
WalletHub graded numerous components, including adjusted cost of living, tax-friendliness on inheritances, cost of in-home services, elderly food insecurity rate, proximity to shorelines, air quality, nurses per capita and share of the population ages 65 and older with a disability or who are physically active.
Where to retire is just as crucial a factor in retirement security as how much money to save. Not only does the location affect quality of life and happiness — if you hate the heat, you won’t be pleased living in tropical weather all year round, for example — but it determines how much you pay in taxes (for real estate and income). People looking to move may want to consider accessibility to quality health facilities, local crime rates and the political leanings of their elected officials too.
MarketWatch has a tool to help Americans choose where to retire, which asks users what they consider to be their “must-haves” and “nice-to-haves” and then offers suggestions for where to live. These factors include ideal median home prices and average temperature highs and lows, whether they’re hot spots for seniors or college graduates and proximity to places such as theaters, museums or wineries.
Have a question about your own retirement concerns? Check out MarketWatch’s column “Help Me Retire”
Americans may also want to live in areas with other seniors, or choose a college town instead for its vibrancy. They may want to pick places with easy transportation, or with a labor market that reflects their age.
Alaska, Delaware and Montana were deemed best in WalletHub’s “taxpayer ranking” whereas Illinois, Connecticut and New York were considered worst.
South Dakota had the highest percentage of the workforce aged 65 and older, just ahead of Vermont and Alaska, compared to West Virginia, which had the lowest percentage, followed by Arizona and Florida.
Hawaii had the highest life expectancy, followed by California and New York, versus West Virginia with the lowest, followed by Mississippi and Alabama.
