According to this report, where you retire could make or break your finances. With 65 percent of non-retired Americans admitting their savings are not on track, a new study shows that choosing the right state can dramatically stretch, or shrink, retirement dollars. WalletHub compared all 50 states across 46 measures of retirement-friendliness, weighing everything from taxes and cost of living to health care access, safety and quality of life.
The result is a ranking that challenges some long-held retirement assumptions. The best state to retire in 2026 is Wyoming, narrowly beating Florida, followed by South Dakota, Colorado and Minnesota.
At the other end of the scale, Kentucky, Oklahoma, Mississippi, West Virginia and Hawaii ranked among the worst places to spend your later years.
Lauren Washburn, a professor at Bryant University, said: 'A common mistake retirees make is focusing too heavily on weather and scenery without fully evaluating long-term financial sustainability and lifestyle needs.' Four of the top five states – Wyoming, South Dakota, Colorado and Minnesota – are cold-weather states, showing retirees are prioritising financial security, safety and services over sunshine.
Good for them. I'm cool right where I am, thank you...
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We have a daughter-in-law who was born and raised in Wyoming, She and our son live St. George, Utah. She says there are only so many days in life that you can walk out the door in -20 degree weather and she used hers all up.
ReplyDeleteSimplistic nonsense is what WalletHub does. Affordability is more than state income taxes, access to healthcare is local, and quality of life is pretty much 'it depend on what you value.'
ReplyDeleteJust above you and formerly from the northern tier. Why would you want to be in a place where you can't go outside 4-5 months out of the year? (we're talking retirees, not outdoor loving utes) We've found it to actually be a lot cheaper living down south. And what "services" are you getting in MN, Dakotas, WY, MT, etc that you can't get down here? More like a lack of services due to sparse populations.
ReplyDeleteDad once had an offer for a position with the Wyoming state police. Part of the 'No, thank you' was finding out the equipment issue included the truck, horse trailer, horse, snowmobile & trailer, and a few other things like that.
ReplyDeleteWhen he first told me about it, my first thought was "Damn, you should've taken it!", and then I thought about the conditions and decided probably right deciding no.
Not a reliable list. Ignores intra-state variability (eg, healthcare in Ga varies dramatically from Atlanta to, say, Tifton). Look carefully at criteria and how they're weighted, and then look at things like the U-haul index. Mostly these 'studies' are agenda driven rather than based in reality.
ReplyDeleteNo way should tyrannical commiefornia be ranked that high.
ReplyDeleteMinnesota...LOL
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