Report: The Best and Worst States for Retirement

Craig Johnson | February 17th, 2023

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Money expert Clark Howard says that the key to ensuring that you’re comfortable later in life is to save for retirement, but did you know your location plays a prominent role in that as well?

Some places are quite simply better for you in retirement than others.

Finance site Bankrate.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 2022 rankings, Bankrate used five categories. They’re weighted by the significance the survey placed on each factor:

Affordability: 40%
Wellness: 20%
Culture: 15%
Weather: 15%
Crime: 10%

Let’s first look at the best places for retirees to live, then we’ll consider the worst according to Bankrate’s rankings.

The 10 Best States for Retirees

Rank/State	Overall Score	Affordability Rank	Well-Being Rank	Culture & Diversity Rank	Weather Rank	Crime Rank
1. Florida	32.04	18	20	1	5	27
2. Georgia	30.37	7	35	37	4	29
3. Michigan	30.19	1	39	30	36	26
4. Ohio	29.79	11	32	34	21	20
5. Missouri	29.78	3	36	32	19	42
6. Kentucky	29.25	5	47	50	3	11
7. Texas	29.07	9	27	48	10	38
8. Tennessee	28.85	2	42	33	13	45
9. Pennsylvania	28.10	27	18	15	33	12
10. South Dakota	28.06	15	33	16	41	22

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	Well-Being Rank	Culture & Diversity Rank	Weather Rank	Crime Rank
50. Alaska	17.31	36	28	26	48	49
49. Maine	19.48	41	37	4	50	2
48. California	21.61	49	6	12	7	38
47. New Mexico	21.70	22	45	18	12	50
46. Montana	21.96	31	31	10	47	29
45. Vermont	22.22	45	23	3	40	4
44. Maryland	22.23	43	4	38	22	29
43. Connecticut	23.10	48	8	14	39	4
42. Hawaii	23.31	50	2	8	2	32
41. Washington	23.49	38	9	28	32	34

Read the full report from Bankrate.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.

This post was last modified on February 20, 2023 1:39 pm