Among the many uncomfortable facts of life: It’s getting harder to prepare for retirement. Shrinking 401(k)s, inflation, and job insecurity all conspire to affect savings and push people to keep working past their targeted retirement age.
A variable that not everyone considers is where they plan to settle into a third act. Your geographical location impacts everything from stretching a dollar to health care expenses.
Recently, financial planning site WalletHub examined all 50 states to determine which ones might be best for retirees. They evaluated each by affordability (cost of living, taxes); quality of life (social opportunities, weather, food insecurity); and health care (providers per capita, hospital ratings). A total of 47 metrics were used in all, with each graded on a 100-point scale. The overall average determined a state’s score.
The 10 states most favorable to retirement:
WalletHub’s top pick, Virginia, echoes a 2022 release by U.S. News and World Report that ranked two Virginia cities—Virginia Beach and Richmond—as two of the best places to settle down. That report also saw several cities in Florida crack the top 10.
The 10 lowest-ranked:
Kentucky comes in last thanks in part to bottom-tier rankings for health care: It placed 46th overall. One reason might be its second-highest ranking of smoking among adults, with nearly one-quarter of the population lighting up.
For the entire list, visit WalletHub.