Worst State: 2x Difference West Virginia vs. Minnesota Thanks to its famed theater complex, the town of 22,000 also punches above its weight when it comes to art galleries and fine dining a priority for the Griffiths. A city with a large infrastructure for retirees, Gainesville has abundant doctors and good air quality. And when youve retired, maybe try renting for a while before you commit to buying., Clark Kendall, CFP, CFA, is president of Kendall Capital Management in Rockville, Maryland, and author of Middle-Class Millionaire: Family is the biggest consideration. In addition to examining the local laws, we considered the percentage of the population over 65, the percentage of the population identified as LGBTQ+, the average home price, and the cost of living to generate a list of states. Louisiana T-3. The city is beautiful and great for walking or biking. Idahos considered one of the safest states to live in, thanks to its low crime rate, and has one of the lowest average monthly health insurance premiums in the country, according to WalletHub. Florida has no state income or estate tax. This New England state might not be the cheapest place to live in youll pay high property taxes and a 5% tax on interest and dividends greater than $2,400 however, it ranks well for quality of life and health care. According to The Motley Fool, housing comes relatively cheap in the state and the weathers pretty decent, with mild winters and warm summers. Southern Oregon University hosts a lifelong learning institute and allows free auditing of college classes. Oregon has no sales tax but makes up for that with an income tax rate that hits 8.75% at just $18,400 of income for joint filers (with Social Security excluded) and tops out at 9.9% for taxable income above $250,000. Georgia, Michigan, Ohio and Missouri all made the top five best states for retirement. 10. Eagle, Idaho Don Johnson Arrowrock Photography / Courtesy City of Eagle Population: 31,880 Population 50+: 41% Days of sunshine a year: 209 Median home price: $544,185 This picturesque Boise suburb is perfect for those looking for an active retirement. Temperatures can plummet to an average low of 2 degrees Fahrenheit in Glasgow and 22 degrees Fahrenheit in Flathead Lake in the month of January, according to climate and forecast site Weather Atlas. The worst state in the U.S. for retirement is New Jersey, followed by Mississippi and New York, based on WalletHub's findings. Other downsides: San Franciscos serious crime rate is higher than the national average and it has a relatively high (but not very high) natural hazard risk, according to FEMA. The city boasts a high number of physicians per capita, good air quality and high marks for volunteering. West Virginia has the fewest museums per capita, while Mississippi has the fewest theaters per capita. Colorado #5. Social Security income is tax-exempt, and most types of retirement income if your 62 or older. Retirement savings cheat sheet: A quick contribution guide for 2023 . Georgia came out the winner, followed closely by Florida and Tennessee, in a list . Plus, the state wont tax your Social Security benefits and provides a tidy deduction for those who depend on other forms of retirement income as well. You have money questions. The Sunshine State also has the second-highest percentage of residents 65 years and older, WalletHub says, topped only by Maine. Florida ranks No. Social Security doesnt get taxed in the state, but other forms of retirement income can get taxed at rates as high as 7.15%, says SmartAsset. Indiana. Oregon 47. Americas Dairyland is renowned for its beer and cheese but retirees tend to relocate to the state for its wide-open spaces and recreational opportunities. Tampa, FL 7. Other pluses include good air quality, a low serious crime rate and a high number of doctors per capita. Housing is relatively cheap and Zillow places the median home value in the state at just around $225,500. Plus, theres a solid volunteering culture. Boulder is also the home the University of Colorado, which nurtures a big arts/culture and fine dining scene and allows seniors to audit courses at minimal cost. Lancaster, Pennsylvania. HERE ARE THE BEST PLACES TO RETIRE IN FLORIDA. To determine the best states to retire, WalletHub examined a few key factors like affordability, health care . Iowa has more than just endless fields of golden corn it also ranks as the best place for a retiree to live out their golden years. And the worst states to retire in are: Alaska. While everyone (young or old) seems to moving to Florida, it's still also the top state destination for retirees, according to a new report by WalletHub. Situated between Brazil and Argentina, Uruguay is a Spanish-speaking nation of around 3.5 million people, with warm summers and mild winters. But there is no state income tax on Social Security earnings and theres no state estate tax. The town is bikeable but not all that walkable and has a low natural hazard risk. For weather scores, we relied on three decades of average daily temperature data from the National Oceanic and Atmospheric Administration. The island is somewhat bikeable but not all that walkable. To that end, Forbes has identified 25 top places to follow seven leisure interests in retirement: arts/culture, fine dining, lifelong learning, volunteering, outdoor activities on water, outdoor activities on land, and a special subset, golf. We have a ton of coastline and incredible seafood you'd pay a premium for right outside, you just have to dig it up! Here are the 25 worst states to retire in 2022, ranked from bad to worst. The Gem State really says it all in the name residents brag of their friendly neighbors, Idahos scenic beauty and outdoor activities and the low cost of living. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. At Bankrate we strive to help you make smarter financial decisions. You can live close enough to a city that you're just 20 minutes away from doing whatever, but have the benefit of sparse enough homes that you're not living on top of each other. But this compensation does not influence the information we publish, or the reviews that you see on this site. Wisconsin. Nevada. However, when it comes to health care, youll need to prepare for high insurance premiums and limited access with few physicians per capita, according to WalletHub. Weve maintained this reputation for over four decades by demystifying the financial decision-making 40. I don't want to go to any state with excessive bugs or . 3. Michael S. Fischer. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. Whats vitally important for people in that age group are medical care, access to shopping and public transportation. More: Debt isn't the enemy of a comfortable retirement. Santa Fe has a favorable moderate natural hazard risk rating from FEMA. A recent Vanguard study revealed a self-managed $500,000 investment grows into an average $1.7 million in 25 years. Here are the 25 greatest states to retire in 2022, ranked from average to best. However, it does have the lowest percentage of the population aged 65 or older in the U.S. and ranks poorly for elder abuse protections. From a financial perspective, there are a lot of things to consider. The whole place was practically built for snowbirds and retirees, says bicyclemom on Reddit. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The Villages in Florida is one of the largest retirement communities in the U.S. (iStock). Sarasota, Florida. Aimlockbelch on Quora recommends the local eateries in the state. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. editorial integrity, The Treasure State features stunning vistas and clear-blue lakes and its one of the least populated states in the country. Beantown's about a 45-minute drive south. A surprisingly mild climate in Idaho's capital city is conducive to outdoor activities, while Boise State University offers discounted tuition for seniors. Mild weather, gorgeous scenery, and welcoming citizens are a few . Bankrates editorial team writes on behalf of YOU the reader. Virginia also has some of the best elder abuse protections across the U.S., particularly in terms of total expenditure. Go trekking through the gorgeous Yellowstone and Grand Teton National Parks and dont miss Cheyennes annual Frontier Days Rodeo. This is closely followed by Florida, Tennessee, Missouri, and surprisingly Massachusetts. Some say the grass really is greener in the Bluegrass State which offers plenty of perks aside from horses and fine bourbon. California is the worst state for retiring. Do you still want to be able to play golf, tennis or pickleball? Named for a 17th century ship captain, this Atlantic Ocean barrier island sits near 67 golf courses and affords all kinds of outdoor recreation opportunities on land and water, including hiking, fishing, kayaking and boating. So it's generally peaceful and quiet, comments resident Haley Rose on Quora. No more sweating work deadlines, playing office politics or struggling to stay afloat in a city with a soul-crushing commute and a punitive cost of living. Housing costs are on the cheaper end as well. North Dakota 7. A maximum score of 150 was possible. Idaho is gorgeous. The city is very bikeable and somewhat walkable. It is freakin beautiful here! Florida #2. Mississippi 5. En espaol | Choosing where to live after retirement is a huge decision and a very personal one. Plus, theres no state estate tax. HOW TO RETIRE WITH $1M ON A $50,000 SALARY. It also has one of the lowest crime rates across the country. Getting older has its benefits. Decide whats truly worth it while picking out a place for your golden years. The city is both highly walkable and bikeable and gets high marks for volunteering. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Elevation is 150 feet. FEMA rates the natural hazard risk in Walla Walla as relatively low. New Hampshire boasts picturesque towns, mountains and trails perfect for an outdoorsy retiree who prefers a quieter kind of life. Colorado ranks fourth in the United Health Foundation's senior health rankings, with particularly high marks in clinical care and positive behaviors. Start Slideshow . There's no better time to retire than 2022 when life expectancy is at its all-time high of 79.05 years.However, choosing the best states to retire from a list of 50 is no easy feat. To find some objective answers to the where-to-retire question, Bankrate crunched a bevy of statistics on costs of living, public health and other metrics. Our methodology: Our editors considered a variety of factors including each state's retirement rankings from WalletHub, MoneyRates and The Motley Fool to create our proprietary index. I googled this and got a completely different list for 2022: Florida North Carolina Michigan Arizona Georgia Pennsylvania Washington Indiana Texas Virginia . An additional 21 states don't tax military retirement pay but do have state personal income tax, which is why you might consider them the best tax-friendly states for military retirees. The median home value in the state is a meager $127,000, according to Zillow. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. FAQ - New Privacy Policy. Brian Beers is the managing editor for the Wealth team at Bankrate. so you can trust that were putting your interests first. Delaware 5. Asheville is at moderate risk for natural hazards. Virginia #4. Plus there's a lot of opportunity to work part-time here if you're so inclined, writes Claire515 on Reddit. Elevation is 2,200 feet. WalletHub published a report on Monday that found the best U.S. states to retire in 2022. Do you prefer golf or cross-country skiing? Louisiana. According to Bankrate's study, Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri. Missouri #8. The city is very walkable and bikeable. By Sara Ventiera. The capital of Texas hits all the leisure passions we rate. Georgia #3. Should you settle down by the beach or in the mountains? Iowa is the best state overall for retiring. Other pluses include a high number of physicians per capita, a low serious crime rate, good air quality and a good economy. I have a 2,400-square-foot, four-bedroom, three-bathroom, all-brick house sitting on 1.25 acres. Bankrate looked at several public and private datasets related to the life of a retiree. Aside from its overall ranking, WalletHub also found how different states ranked within a few of those 47 measurements. This 422-year-old scenic state capital mountain town, 60 miles north of Albuquerque, punches above its population weight. Climate is warm but pleasant. 2022's Best States for LGBTQ+ Retirees. Weve got the normal entertainment youd find everywhere and we get pretty decent Broadway tours if youre into that. Coeur dAlene has a high number of physicians per capita, good air quality, and a low serious crime rate. Wyoming #10. How much should you contribute to your 401(k)? If you own a paid-off home in a high-cost area like Boston or San Francisco, maybe affordability isnt a priority for you. This abandoned high school was converted into a 31-unit apartment building. It features a big music and dining scene as well as free senior citizen tuition for six credits a semester at the University of Texas at Austin. Air quality is good, and there are adequate physicians per capita. And, of course, not everyone likes the sweltering summers of the Sun Belt states that populate the top of our rankings. Check out what's clicking on FoxBusiness.com. In its own world 30 miles northwest of Denver, Boulder is the center of a large recreational open space abutting the Rockies at an elevation of 5,400 feet. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. The city is very bikeable and somewhat walkable. I could go on and on about Hen of the Wood (Bernie Sanderss favorite place to eat), Caf Provence in Brandon, Pho Hong in Burlington, Superfresh! Nature trails are just outside town. Most of the state is exceptionally friendly and welcoming, writes resident Martin Mann on Quora. New Jersey #2. Not to mention it's more of a suburban-based state. Sarasota has a relatively high (but not very high) risk of natural hazards according to FEMA. Newport and Providence are popular cities in the state and they both have their merits, Newport is awesome if you're rich or love to sail, Providence has lots of art and music and really good food, writes one Redditor. As a resident of Delaware who is looking to retire in five years, I can personally state that I will be retiring in the state of Delaware because it is centrally located between major cities and modes of transportation and the cost of living will work well with our retirement funds, writes Antionette Blake on Quora. At an elevation of 40 feet, Annapolis is also a somewhat walkable and very bikeable town with good air quality, and a surprisingly low natural hazards risk. The Pine Tree State boasts beautiful beaches, an abundance of green spaces and some delightful lobster shacks. Here's an explanation for how we make money But recent trends may help point you in the right direction. Hiking and outdoor activities are all big, we have lots of trails for ATV and biking. My mortgage is $1,149 per month with everything included. Virginia's average combined state and local rate of 5.75% is the 11th-lowest in the nation. Mostly summer weather is pleasant. City is very bikeable but not so walkable. Where you decide to . Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. There will be a few hot and humid days, but not six months of it as there is down South. While we adhere to strict When youre considering a community, you have to think about what you still want to do. Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri. Gulf Coast resort 170 miles south of Tampa boasts 100 area golf courses, plus extensive shoreline for outdoor water pursuits and a big arts scene. As far as entertainment goes, New York has the most museums per capita and, along with California and Minnesota, the most theaters per capita. There is also a state estate tax. Nestled on Floridas Gulf Coast along Tampa Bay, this port city has a big restaurant scene, lots of water activities and 80 golf courses in the area. Considering a retirement move? How will your income be taxed? Naples, FL 3. South Carolina ranks poorly for its crime and safety it has one of the highest property crime rates in the country and health care, but its relatively affordable to live in. Thats the second-largest share of 65+ folks of any state, Census data shows. As noted above, the best state to retire in will depend on an individual or couple's budget, lifestyle, and values. I can see Zion National Park from my backyard. Do these seven things now. There is no state income tax and no state estate tax. Make sure its really as affordable as you thought. Oregon has no sales tax but makes up for that with an income tax rate that hits 8.75% at just $18,400 of income for joint filers (with Social Security excluded) and tops out at 9.9% for taxable income above $250,000. If youre looking for retirement-age friends, youll have a good chance of finding them in this state where 21 percent of the population is age 65 and older. There are five national parks within Utah alone (and another three nearby). A Red Ventures company. If you decide to retire in Pennsylvania, youll enjoy access to some stunning historical architecture and monuments, outdoor activities in the state parks and forests and the Philly cheesesteak, of course. To calculate these rankings, we used 13 different metrics across three categories health, housing and quality of life pulled from publicly accessible databases to rank all 50 states. Downsides: Winters are cold and the serious crime rate is above the national average. Not everyone can afford to live on fixed incomes as prices rise. This center of tart cherry production 250 miles northwest of Detroit is near the famous Interlochen Center for the Arts, which hosts hundreds of yearly music performances. The town is somewhat bikeable, but not all that walkable. It ranked within the top 15 states for the lowest rates of identity theft, fraud, and violent crime. Are you confident in your retirement savings? Nevada 10. Those are deeply personal questions. Plenty of farms also, although they are increasingly larger and larger and run by fewer and fewer people, writes noshelter on Reddit. Arizona Honorable Mention: South Carolina 5 Worst States For Retirement #1. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. We adhere to strict standards of editorial integrity to help you make decisions with confidence. Uruguay. Also only 45 minutes away from Cheyenne or Ft. Collins, recommends one Redditor. We will examine some states that are less expensive, tha. The state topped our ranking of culture and diversity. The state ranks relatively well for health care, but lags behind for its elder abuse protections. Our editors and reporters thoroughly fact-check editorial content to ensure the information youre reading is accurate. Georgia is ranked high for being tax-friendly to retirees. 2023 FOX News Network, LLC. With an elevation of 50 feet, the city is very walkable and bikeable. The city enjoys a higher number of doctors per capita and good air quality. Delaware also has a major perk of being close to Washington, D.C. so you can have a calm weekend or a rocking one out on the town. Should you accept an early retirement offer? Tennessee 7. A downside: The serious crime rate is above the national average. Florida Affordability rank: 4 Quality of life rank: 5 Healthcare rank: 27 Condominiums along. The study examined five categories (weightings in parentheses): affordability (40 percent), wellness (20 percent), culture (15 percent), weather (15 percent) and crime (10 percent).Affordability was calculated using the Cost of Living Index from the Council for Community and Economic Research, published in July 2022, and property and sales tax rates from the Tax Foundations rankings for 2022. Homebuyers are paying nearly 50% more on their mortgage bill than last year. There is no state income tax, but there is a stiff state estate tax and a high sales tax. The Mountain State peaks at the top when it comes to both affordability and natural beauty West Virginia flaunts breathtaking parks and preserves and numerous hiking trails. Delaware #6. You can read more about our data sources and selection methodology and how the Griffiths found their retirement bliss, here. Our experts have been helping you master your money for over four decades. Minnesota Best State vs. As with Naples, hurricane exposure is real, but less than some other coastal towns. John Coletti/Getty Images For retirees looking to move soon, recent data on Redfin shows there were more sales for homes in the state as of December 2022 than there was a year earlier, but the . The state is made almost entirely from limestonea sedimentary rock that is not gold-bearing! who ensure everything we publish is objective, accurate and trustworthy. 3. Wise up with top stories and timely tips Tuesdays and Thursdays. But recent trends may help point you in. Norfolk is up-and-coming with some amazing bars, and VB has the Oceanfront, which is a lot of fun day or night, says AquaKong35 on Reddit. That number is higher in states like Connecticut, where the average person has a retirement balance of roughly $520,000. Just come prepared for the frigid winters and snowfall. Sponsored: Add $1.7 million to your retirement. The following 12 states tax at least a portion of social security income: Colorado Connecticut Kansas Minnesota Missouri Montana Nebraska New Mexico North Dakota Rhode Island Utah Vermont I have one client whos 83 [years old] who didnt want to live in an active adult community because she had pre-determined that it would be filled with old people. Maine (20.6%) Florida (20.5%) West Virginia (19.9%) Vermont (19.4%) Montana (18.7%) Delaware (18.7%) Best Overall State for Retiring Now, let's compare. Santa Fe has a high number of doctors per capita, good air quality and a low serious crime rate. Florida came in first in the overall ranking. According to Bankrate's study, the best state to retire in the US is Georgia. The 10 Bestand Most AffordablePlaces To Retire in America, 2022 Edition. The College of Charleston exempts senior citizens from tuition. Route 66 provides the historic backdrop for this outdoors-oriented town at an elevation of 7,000 feet, 145 miles north of Phoenix near the Grand Canyon. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Alaska, on the other hand, held last place in our ranking. The Most Affordable Places to Retire. Social Security benefits dont get taxed and seniors can claim a deduction of up to $12,000 a year against their other retirement income. Volunteering is a way of life. At an elevation of 20 feet, Charleston is moderately walkable and very bikeable. Beautiful state parks too. WalletHub published a report on Monday that found the best U.S. states to retire in 2022. To identify the most retirement-friendly states, WalletHub researchers compared the 50 states across the key dimensions of affordability, quality of life and health care. The serious crime rate is above the national average. When youre still working, take some time to go preview different types of communities and different types of lifestyles.