Ever thought about which states are the best (or worst) for retirement? Well, FCN contributor Richard Barrington (who is also the head honcho over at Money-Rates.com) recently crunched the numbers and came up with an answer.
In doing this, he looked at the following factors:
- Cost of living
- Property taxes
- Unemployment rate
- Violent crime rates
- Property tax rates
- Life expectancy for seniors
- Recent population growth in the senior demographic
The results, some of which might surprise you, are listed below.
Top 10 states for retirement
Here are the top 10 (well, 11 due to a tie at the end of the list) states…
7. (tie) Florida
7. (tie) New Mexico
9. South Dakota
10. (tie) California
10. (tie) Texas
So, yeah. Hawaii is number one. This is a bit surprising due to the extremely high cost of living, but it’s outweighed by all of the other factors. In other words, if you can afford it, Hawaii is a great place to retire.
Bottom 10 states for retirement
And here are the 10 at the other end of the spectrum.
10. Rhode Island
6. (tie) New York
6. (tie) Ohio
2. (tie) Alaska
2. (tie) Pennsylvania
For its part, Michigan was below average in every single category which was enough to put it dead last on Richard’s list.
If your state wasn’t on either list, take heart. You might not be living in one of the best states for retirement, but at least you’re not in the worst.