Florida is Awarded the Best State to Retire
The prominent finance website, Wallethub, conducted a study using 45 metrics to determine the best state for retirement. Some of those metrics included affordability (including tax rates), quality of life (including share of population over 65 years of age, elderly friendly labor market and mildness of weather), crime rate, access to adult activities, and the quality of air and drinking water. Other factors considered were the quality of healthcare (percent of doctors, dentists, and home health aides per capita), and quality of hospitals.
Although Florida wasn’t ranked number one in every category, the Sunshine State landed the number one spot on the list of all 50 states.
According to Wallethub, “If retirement is still a big question for you because of finances, consider relocating to a state that lets you keep more of your money … without requiring a drastic lifestyle change.”
When a person retires and moves out of state, they largely remove themselves from their social network. Therefore, a retiree should consider whether other social networks can be formed (this includes the percent of folks in your age group, availability of adult activities, and organizations, and clubs retirees may be interested in).
According to Wallethub, many retirees make the mistake of rushing to a decision. For example, a couple may fondly remember a 2-week vacation to a particular place which they thoroughly enjoyed. But a 2-week vacation of fun and games does not prepare you for what living in that place is actually like. So, research and temporary moves are good first steps.
Research and proper planning cannot be emphasized enough. Taxes and estate laws are two important factors. If possible, retires should consult a tax attorney and a financial planner to determine the affordability of a given destination.
Finally, other studies by Kiplinger and Bankrate place Florida among the top states for retirement.
By the way, the states that finished as the worst places for retirement in the Wallethub study were New York and New Jersey.