The Best and Worst States for Retirement in 2024: Bankrate’s Rankings and Key Considerations
Retiring is a significant milestone in life, and choosing where to spend your golden years is a crucial decision. It’s not just a financial choice but also a very personal one. Whether you want to be close to family, near the ocean, or in a community that suits your lifestyle, the options are endless.
To help you navigate through the best and worst states for retirement, Bankrate has created a comprehensive ranking based on various data points for each U.S. state. The ranking considers factors such as affordability, overall well-being, healthcare costs, weather, and crime rates. Affordability is given the most weight in the ranking, reflecting the challenges many Americans face with retirement savings and the rising cost of living.
According to Bankrate’s study, the top five states for retirement in 2024 are Delaware, West Virginia, Georgia, South Carolina, and Missouri. These states offer a mix of affordability, well-being, and quality healthcare. On the other hand, the bottom five states for retirement are Alaska, New York, Washington, California, and North Dakota, primarily due to higher costs of living and other factors.
Before relocating for retirement, there are several important considerations to keep in mind. These include assessing your finances, finding a sense of community, considering the cost of living, evaluating healthcare quality and costs, understanding tax implications, and factoring in the climate of the area you’re considering.
Ultimately, choosing the right state for retirement is a personal decision that requires careful consideration of various factors. Whether you prioritize affordability, community, healthcare, or climate, finding the perfect place to spend your golden years is essential for a fulfilling retirement.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial advice. The content is based on general research and may not be accurate, reliable, or up-to-date. Before making any financial decisions, it is recommended to consult with a professional financial advisor or conduct thorough research to verify the accuracy of the information presented. The author and publisher disclaim any liability for any financial losses or damages incurred as a result of relying on the information provided in this article. Readers are encouraged to independently verify the facts and information before making any financial decisions.