New York City, New York – A recent report has shed light on the top and bottom states that Americans could consider for retirement. Bankrate, based in the bustling city of New York, conducted a thorough assessment of all 50 states to aid individuals in choosing where to spend their golden years. Various factors were taken into account, including living costs, healthcare expenses, crime rates, and overall well-being.
According to Bankrate analyst Alex Gailey, many Americans are feeling the strain of inadequate retirement savings, underscoring the importance of affordability. Gailey highlighted the potential benefits of relocating to more budget-friendly areas to maximize retirement funds in today’s challenging economic climate.
Delaware claimed the top spot on this year’s ranking of the best states for retirement, surpassing Iowa. Despite the higher cost of living, Delaware’s superior healthcare quality, manageable tax burden, affordable home insurance, and favorable weather conditions contributed to its lead position. Additionally, the state excelled in diversity, wellness, culture, and boasted a significant population of residents aged 62 and above.
West Virginia emerged as the most affordable state, although Bankrate noted its shortcomings in healthcare quality and cost. Georgia experienced a notable improvement, jumping from 15th place due to enhanced affordability. South Carolina received praise for its pleasant weather, average well-being metrics, and decreased crime rates.
On the flip side, North Dakota, California, Washington, New York, and Alaska were identified as the least desirable states for retirement, with Alaska ranking last for the second consecutive year. The report highlighted Alaska’s poor scores in affordability, healthcare quality and cost, weather conditions, and crime rates.
For those contemplating a retirement relocation within the U.S., Bankrate advised considering crucial factors such as financial stability, community engagement opportunities, cost of living, healthcare accessibility and quality, tax implications, and climate preferences. Careful consideration of these elements can help retirees make informed decisions about where to spend their sunset years.