As more Americans reach retirement age, the question turns towards where to settle down. With 50 states to choose from, each has a few pros and cons to consider. However, when looking at several factors including healthcare costs, the availability of senior care, cost of living, and quality of life: one state emerges as the best state for retirement.
It may surprise you, but Utah is the best state fore retirement according to recent study by Caring.com.
Senior Care And Quality of Life
The study ranked states on 13 categories, including quality, cost, and availability of health care for seniors. The study’s authors used a range of data sets, including Census data and proprietary data sets from AARP. In the graph above, the lighter the shade of blue, the higher the ranking.
The Best State for Retirement (Top 5)
- South Carolina
And The Bottom 5
- North Dakota
- New York
- West Virginia
In general, the top states have a relatively moderate cost of living, low taxes, and access to affordable healthcare and other amenities. The bottom states tend to have higher costs of living, higher taxes, and in some cases; less access to healthcare or other amenities.
West Virginia, for example, has a relatively low cost of living. However, it is a rural state without many amenities (depending on city) and healthcare is expensive. New York is a state with abundant access to healthcare and other amenities; however the cost of living is extremely high.
The very high cost of the state’s health care doesn’t produce results close to commensurate with that spending, according to the report. While New York ranked 46th in cost (the lower the rank, the higher the cost), its life/health care quality rank was 34 (the lower the rank, the worse the quality)
Ready To Retire?
There are undoubtedly fine places to retire in all 50 states. However, when it comes to the best state for retirement, Utah may be the place for you! Of course, there are many factors to consider when planning for retirement and cost of living is an important one to consider!
This is where City vs City can help! Our cost of living app calculates your income, expenses, savings, and factors in all major state and local taxes. We examine cost of living at the zip code level and compare cities based on these key factors.
We can’t tell you where you’ll be happier, but we CAN tell you where your cost of living will be lower! If you’re looking to retire someplace more affordable, or just considering moving to another state: Download the City vs City app and find the best place for you!