August 3, 2018

You’ve Retired! How Do You Decide Which State to Retire?

Filed under: Retirement,Retirement Planning — Tags: , , — seniorlivingguide @ 11:03 am

By: Darleen Mahoney

You’ve retired! Congratulations! You are looking forward to your future as you have How Do You Decide Which State to Retire?planned for this day for a long time. Are you thinking about retiring where you’ve vacationed with your family for years, staying close to home or taking a leap of faith and moving? If you are thinking about moving away from the comforts of your home state, are you considering a very practical approach and doing a little research?

What are your criteria for deciding which state to retire to? Do you look at how each state ranks?

  • Socially-Do the people seem to have meaningful friendships?
  • Financially-What is the cost of living, tax rates, etc.
  • Community- Do you think you will love the community where you live?
  • Physically – Overall good health in the community with exceptional health care

According to a new Bankrate study, South Dakota ranks as numero uno as the best state to retire. Followed by Utah, Idaho, New Hampshire, and Florida. The studies ranking, and percentages were based on:

  • Cost of living (20%)
  • Crime (10%)
  • Culture (10%)
  • Health care quality (15%)
  • Taxes (20%)
  • Weather (15%)
  • Wellbeing (10%)

While there are many listicles providing different results, Business Insider sited Florida as the best retirement state while Money Magazine sited New Hampshire. A few criteria used to determine these front runners are affordability, quality of life, and healthcare.

Money also releases a list based on cities to retire in the U.S. basing its rankings on local taxes. The list provides details on demographics over the age of 55, median home price, average tax rate, and top income tax rate.

While we tout a few of the front runners in retirement meccas, its only fair to mention those that fall vastly short. Alaska and New York are mentioned in several listicles as the least desirable. Alaska has severe weather, high crime, and a low percentage of Seniors.

To many, Florida is where many retirees flock and it may be top of mind as there are so many options in retirement communities. The Sunshine State has the highest percentage of 65 years and older out of any other state.

If you’re looking for a retirement lifestyle where life expectancy is significantly longer than most states, Hawaii may be your ticket! The downside to this state is that the cost of living is one of the highest in the nation.

When it comes to deciding on a retirement destination and looking at all the options and listicles, it can be very confusing. These options and rankings are based on different criteria. What’s important to you? We know that with most retirees that the weather, topography, friends, and family are what gets them excited about your new destination. So, looking through these different listicles and how they based their ranking should also be what’s important to you. Once you decide on this next phase of your life and where you want to move, visit us online at www.SeniorLivingGuide.com  , we can help find your next home!

best and worst states for retirement

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