Money expert Clark Howard says a major way you can ensure that you’re comfortable later in life is to prepare for retirement. Whether you know it or not, your location plays a prominent role in that as well.
Some places are quite simply better for you in retirement than others, according to the latest data.
Finance site WalletHub.com’s list of best and worst places to retire shows the states offering the most for retirees.
What Are the Best States for Retirees?
To come up with its 2024 rankings, WalletHub used five categories. They’re weighted by the significance the survey placed on each factor to come up with 100 points:
- Affordability – 40 points
- Quality of life – 30 points
- Health care – 30 points
Let’s first look at the best places for retirees to live, then we’ll consider the worst according to WalletHub’s rankings.
The 10 Best States for Retirees
| Rank/State | Overall Score | Affordability Rank | Quality of Life Rank | Health Care Rank |
|---|---|---|---|---|
| 1. Florida | 62.19 | 4 | 1 | 29 |
| 2. Colorado | 61.00 | 14 | 27 | 3 |
| 3. Virginia | 60.85 | 11 | 13 | 11 |
| 4. Delaware | 59.57 | 3 | 34 | 22 |
| 5. Wyoming | 59.04 | 7 | 7 | 37 |
| 6. Idaho | 58.46 | 9 | 24 | 24 |
| 7. New Hampshire | 57.75 | 28 | 8 | 5 |
| 8. Minnesota | 57.53 | 39 | 4 | 1 |
| 9. Montana | 57.17 | 21 | 12 | 16 |
| 10. Pennsylvania | 56.28 | 35 | 2 | 8 |
Now let’s take a look at the 10 worst states to retire according to the rankings.
The 10 Worst States for Retirees
| Rank/State | Overall Score | Affordability Rank | Quality of Life Rank | Health Care Rank |
|---|---|---|---|---|
| 50. Kentucky | 43.30 | 32 | 41 | 44 |
| 49. New Jersey | 43.69 | 49 | 35 | 20 |
| 48. Mississippi | 44.01 | 12 | 50 | 48 |
| 47. Rhode Island | 45.20 | 42 | 42 | 23 |
| 46. Oklahoma | 45.57 | 17 | 47 | 45 |
| 45. Louisiana | 45.88 | 16 | 46 | 47 |
| 44. New York | 46.49 | 50 | 10 | 12 |
| 43. Washington | 47.19 | 45 | 17 | 27 |
| 42. Arkansas | 47.28 | 13 | 49 | 42 |
| 41. Illinois | 47.37 | 47 | 16 | 26 |
Read the full report from WalletHub.com.
Final Thoughts
Clark says if you’re a retiree or are close to retiring, and you’re thinking about relocating, it’s good to take a gradual approach.
“One of my key rules is you should always rent first for six months, a year or even two years if you’re thinking about relocating for retirement. If it turns out that you don’t like it, at least you’re not all-in owning a home that you’ve now got to get rid of,” he says.
