Which are the best and worst states to retire to?

Which are the best and worst states to retire to?
States ranked by affordability, weather, crime, and quality and cost of health care.
AUG 02, 2023

When your clients are discussing their retirement plans with you, they may be thinking of relocating outside their current state, but are they planning to make a bad move?

Decisions may be driven by several factors including the weather, being near other family members, or simply a long-held desire to spend their retirement years in another part of the United States.

But which states are the best and worst to retire to?

Bankrate has published its annual analysis of factors including affordability, weather, crime, and quality and cost of health care, to rank all 50 states.

“After battling elevated inflation over the last two years, relocating to find cheaper housing or a lower cost of living may be a good alternative for retirees who have tighter budgets but want to retire comfortably,” said Bankrate analyst Alex Gailey.

BEST OF THE BUNCH

Top of the list is Iowa, which was one of the best for affordability and cost of living, quality and cost of health care, and crime stats. It also ranks well for local and state sales taxes and several other metrics. However, West Virginia was best overall for affordability.

“Choosing where to retire is deeply personal, but Iowa’s affordable cost of living, inexpensive but high-quality health care and low crime make it a compelling option for retirees looking to stretch their retirement income in this economy,” said Gailey.

The report determined that the top five best states to retire to are:

  1. Iowa
  2. Delaware
  3. West Virginia
  4. Missouri
  5. Mississippi
WHERE NOT TO RETIRE

Conversely, the analysis found that Alaska is probably not a great choice for retirees due to its poor rankings in weather (50), crime (49), affordability (43), quality and cost of health care (38), and well-being (27).

“In our overall ranking, the best and worst states for retirees are split geographically. The Midwest and the South claim the top five states, while the Northeast and West claim the bottom five states, primarily because of the differences in cost of living,” explained Gailey.

The bottom five states to retire:

46. Massachusetts

47. Washington

48. California

49. New York

50. Alaska

The full study is at bankrate.com

Related Topics:
10 best states to retire on Social Security

Latest News

SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees
SEC charges Chicago-based investment adviser with overbilling clients more than $2.5M in fees

Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.

Apella Wealth comes to Washington with Independence Wealth Advisors
Apella Wealth comes to Washington with Independence Wealth Advisors

The Harford, Connecticut-based RIA is expanding into a new market in the mid-Atlantic region while crossing another billion-dollar milestone.

Citi's Sieg sees rich clients pivoting from US to UK
Citi's Sieg sees rich clients pivoting from US to UK

The Wall Street giant's global wealth head says affluent clients are shifting away from America amid growing fallout from President Donald Trump's hardline politics.

US employment report reactions: Overall better than expected, but concerns with underlying data
US employment report reactions: Overall better than expected, but concerns with underlying data

Chief economists, advisors, and chief investment officers share their reactions to the June US employment report.

Creative Planning's Peter Mallouk slams 'offensive' congressional stock trading
Creative Planning's Peter Mallouk slams 'offensive' congressional stock trading

"This shouldn’t be hard to ban, but neither party will do it. So offensive to the people they serve," RIA titan Peter Mallouk said in a post that referenced Nancy Pelosi's reported stock gains.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.