If you’re nearing retirement age and thinking about moving to a more affordable place, a new report spotlights some of the best states to consider.
WalletHub’s report on the Best States to Retire considers affordability along with other factors that retirees care about when choosing a place to live.
What Are the Best States for Retirees in 2021?
To come up with its list, WalletHub compared the 50 states using three key criteria:
- Affordability
- Quality of life
- Health care
Those criteria were evaluated using 45 relevant metrics and graded on a 100-point scale.
Money expert Clark Howard says if you’re a retiree or are close to retiring, and you’re thinking about relocating to a more affordable area, 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.
Let’s look at the top 10 retirement-friendly states according to WalletHub. In addition to the overall scores, the table below includes the states’ rankings (among all 50 states) for the three major criteria in the report.
10 Best States for Retirees in 2021
| State | Total Score | Affordability Ranking | Quality of Life Ranking | Quality of Health Care Ranking |
|---|---|---|---|---|
| Florida | 61.09 | 4 | 6 | 28 |
| Colorado | 60.94 | 13 | 16 | 5 |
| Delaware | 58.69 | 5 | 29 | 22 |
| Virginia | 58.61 | 11 | 7 | 23 |
| North Dakota | 57.49 | 24 | 18 | 6 |
| Montana | 57.35 | 12 | 22 | 15 |
| Idaho | 57.28 | 16 | 11 | 25 |
| Utah | 57.11 | 21 | 4 | 26 |
| Minnesota | 56.33 | 37 | 3 | 2 |
| New Hampshire | 56.29 | 30 | 1 | 9 |
See WalletHub’s complete report on 2021’s Best Places to Retire.
Final Thoughts
As we get up in age, financial security becomes more of a priority. Clark is adamant that saving money is the best way to secure your financial future.
“Savings are key to freedom as a senior,” he says.”If you don’t have sufficient savings then it typically means that you’re going to have to keep working or you’re going to have to lead a very spartan life.”
Want to learn how to put away money now for later? Here’s how to save for retirement in your 50s.
