Did you know that you have 50 options to consider when thinking about retirement? Before you get overwhelmed, let me mention I’m just talking about states here! Many people fear that retirement will mark the end of their financial security, and others worry they might never actually get to retire. Living in the right place after you retire can make your money go a lot further.
Florida
It’s not surprising that Florida is coming up as # 1 on our list, with the overall score of 62.
Affordability rank: 4, quality of life 1, Healthcare 29.
There are so many positives to retiring in Florida including relatively low taxes, no estate, inheritance or income taxes. It’s the ideal environment for relaxation and fun with miles of shoreline. It’s the top state for volunteer activities, theater companies, golf courses and country clubs.
The only downfall here is that the overall cost of living is high compared to other states.
Personally, I am not a fan of Florida, especially after the number of people that moved there during the pandemic. My clients that have moved there mention high costs of homeowners insurance and cost of water, but the biggest challenge is with healthcare, hence the ranking of #29. Sometimes it takes months to get doctor appointments, and hospitals are crowded in many areas.
Colorado
The overall score for retiring in Colorado is 61 and it’s great for those of you who prefer the cool/fresh air. Similar to Florida the taxes are low. There is no estate or inheritance taxes.
Colorado has the lowest rates of social isolation for seniors. It has the best geriatrics hospitals in the country, and ranks extremely high for share of seniors who are in good health and physically active. The healthcare rank here is #3!
Virginia
With an overall score of 60.85, Virginia provides the best elder-abuse protection in the country. Seniors are physically safer & less vulnerable to being taken advantage of financially. In general there is a low crime rate across the state.
They have high-quality geriatrics hospitals & lots of doctors/dentists to choose from.
There is no estate or inheritance tax making it the 10th most taxpayer-friendly state.
Virginia residents can also benefit from many miles of shoreline and good air quality.
Unfortunately the cost of living is on the higher end though, because of the proximity to Washington DC.
Delaware
This state has the largest population of seniors at 20%. There is no estate or inheritance taxes and has the lowest rate of poverty among people ages 65 and older.
Delaware provides the second-lowest risk of social isolation for seniors.
Wyoming
There is no estate or inheritance tax and Wyoming has very good protections against elder abuse. They have the lowest violent crime rates in the country and little crime overall. With some of the cleanest air in the country, seniors with breathing issues can live comfortably. Wyoming has one of the highest senior volunteering rates in the nation which explains why there’s a low risk of social isolation for seniors.
What do you consider the most important factor to consider when retiring? Is it healthcare? Affordability? Social activities? Maybe you just want to be somewhere warmer or somewhere by the water?
Are you a senior living in one of these top 5? Tell us your experience overall in the comments below.
And if you’re looking to get more information about the top states to retire, please let me know so I can assist!