Retiring at the right time is complicated. Individuals need to be old enough to benefit from Social Security or pension benefits, but they still want to enjoy their life. Though in reality, almost 1/3 of individuals have not contributed to their retirement at all. Whether you have had the opportunity to save for your retirement or not, your retirement location can drastically influence your finances and needs.
Choosing Your Retirement Location
Recently, WalletHub published an article illustrating the best and worst places to retire within the United States. The article provided ratings for each state. The ratings were determined by a state’s affordability, quality of life, and health care. There is not a single location that ranks the best in all three categories. But here is data so you can decide which state is best for you:
Most Affordable: Florida
Florida did receive the highest score out of all three categories for several reasons. Florida does not have state income tax, inheritance tax, or estate tax. For many retirees, this incentive alone is enough to move to Florida. In addition, Florida has an average to below-average cost of living depending on your location. There are also the beaches, vacation destinations, recreational options, and the large availability of health care to consider.
Highest Quality of Life: New York
New York has the highest quality of life due to its rich entertainment and culture. People are always moving to New York, whether they are looking for a fresh start or are searching for excitement. Also, the retirees that relocate to New York often have family living within the surrounding area. Yet the one major drawback to retiring in New York is that it is very pricey.
Best Healthcare: Minnesota
Minnesota offers the best healthcare within the United States. According to AARP, Minnesota also has the most senior housing units per elderly residents, meaning 125 housing units per 1,000 older adults. The average amount of senior housing is 27 units per 1,000 older adults. But also, similar to New York, Minnesota can sometimes be pricey.
By Anna Hellman
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