New York City, NY – A recent report has shed light on the top and bottom states where Americans may consider retiring. Bankrate, headquartered in the bustling metropolis of New York City, conducted an evaluation of all 50 states using various data points to assist individuals in determining potential locations for their golden years.
Factors taken into account in the evaluation included living costs, healthcare expenses, crime rates, and overall well-being. According to Bankrate analyst Alex Gailey, the majority of Americans feel they are falling behind on their retirement savings, highlighting the importance of affordability in choosing a retirement destination.
Gailey emphasized the significance of selecting a more affordable location to allow soon-to-be retirees to maximize their retirement savings in today’s economic climate. Gailey also urged those who feel they are lagging in savings to seize the opportunity to catch up as retirement approaches.
The top five states identified as favorable for retirement, as revealed by Bankrate, include Delaware, West Virginia, Georgia, South Carolina, and Missouri. Delaware claimed the top spot, surpassing Iowa in this year’s rankings due to factors such as high-quality healthcare, low tax burdens, affordable homeowners insurance, and pleasant weather.
West Virginia was noted for its affordability, ranking as the best in this category; however, it was also highlighted as the worst state in terms of healthcare quality and costs. Georgia saw an improvement in affordability, propelling it up the rankings from 15th place the previous year.
South Carolina excelled in the weather category and made strides in overall well-being and healthcare quality and costs. Missouri stood out for affordability, cost of living, and property taxes, but faced challenges in healthcare quality, well-being, crime rates, and natural disaster occurrences, according to Bankrate.
On the flip side, the states deemed least suitable for retirement by Bankrate were North Dakota, California, Washington, New York, and Alaska. For the second year in a row, Alaska found itself in last place, characterized by subpar scores in affordability, healthcare quality and costs, climate, and crime rates.
As individuals contemplate relocating for retirement, Bankrate advised considering factors such as financial stability, community engagement opportunities, cost of living, access to quality healthcare, tax implications, and climate when making such a decision.