A Bankrate analysis of affordability, prosperity, cost and quality of healthcare, weather and crime in each state found that Delaware is the best state to retire in 2024, followed by West Virginia and Georgia. Alaska, New York and Washington came in last. 40% of the weighting was on affordability, 25% on overall prosperity.
For the second year in a row, the five states with the most pensions are in the Midwest and South, while the five states with the fewest pensions are in the Northeast and West.
Delaware, which ranked second last year, took the top spot this year. Property taxes are lower than the national average and there is no state or local sales tax. The state also does not tax welfare and has a higher percentage of retirement-age residents than most other states. Although housing and health care prices are higher than much of the country, the state ranks well in diversity, climate and affordable insurance.
West Virginia scored well due to its low cost of living and low property taxes, but it ranked last in health care costs and quality, while ranking in the middle of the pack in overall well-being.
Georgia rose from 15th last year to 3rd this year as the cost of living dropped and access to healthcare improved, though wealth and crime scores are still low. South Carolina jumped from 19th to 4th this year, scoring high in affordability and weather.
Florida, known as a retiree’s paradise, came in 8th because the state has no income tax and sunnier weather, but high home insurance premiums.
At the bottom of the rankings, Alaska continues to suffer from high prices, coming in last two years in a row with high healthcare costs and unfavorable weather. New York, Washington, and California all have high-quality healthcare, although affordability crises have made it difficult for many to enjoy a comfortable retirement.
In recent months, many older Americans have told Business Insider they’re nervous about their retirement and have fallen behind on their savings. Some have moved to less expensive states or countries to better enjoy their retirement, while others said they might not be able to retire for years.
Others have had to change their retirement plans due to inflation or job loss and have taken part-time jobs, such as driving for Uber. This has included delaying claiming Social Security benefits, which increase by 8% each year until age 70.
Have you recently moved to another state for retirement? Are you concerned about whether you will be able to retire comfortably there? Contact this reporter at [email protected].
