Unfortunately, almost 30 percent of all non-retired adults have no retirement savings or pension though no fault of their own. With this in mind the powerful personal-finance website WalletHub today released its report on 2018’s Best & Worst States to Retire.
To help retirees find a safe, enjoyable and wallet-friendly place to call home, WalletHub compared the 50 states across 41 key metrics. The data set ranges from adjusted cost of living to weather to quality of public hospitals.
Arizona while perceived as a retirement state came in ranked only as the 10th best state to retire ranking ninth in the category of population aged 65 and older.
While retirement might be the end of a career, it doesn’t have to be the end of financial security or life satisfaction. Timing is often a primary concern with retirement, as it generally coincides with the age at which we may receive Social Security or pension benefits. Not everyone can retire when they want to, though.
In addition to when you want to retire, a good question to ask is where. That can be difficult to decide without doing lots of research. Even in the most affordable areas of the U.S., most retirees cannot rely on Social Security or pension checks alone to cover all of their living expenses. Social Security benefits increase with local inflation, but they replace only about 40 percent of the average worker’s earnings.
If retirement is still a big question mark for you because of finances, consider relocating to a state that lets you keep more money in your pocket without requiring a drastic lifestyle change. To help you find that permanent, affordable place to call home, WalletHub compared the 50 states across 41 key indicators of retirement-friendliness. The WalletHub analysis examined affordability, health-related factors and overall quality of life. It is no surprise that Florida is number one in the overall ranking.
Interactive map ranking the states
Ranking Table of All 50 States
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For the full report, please visit Wallet Hub.