Key Highlights
- WalletHub study ranks best and worst states for retirement based on affordability, quality of life, and healthcare.
- Wyoming edges out Florida as the top state, with low taxes and strong elder-abuse protections.
- Florida comes in second but struggles with a high cost of living despite its quality of life metrics.
- South Dakota offers good healthcare rankings but faces challenges with affordability and quality of life.
- New Mexico ranks last, facing issues with property crime rates and overall affordability.
Top States for Retirement: A Closer Look at Wyoming
Wyoming has edged out Florida to take the top spot in WalletHub’s latest ranking of retirement-friendly states. With a strong showing in affordability, robust elder-abuse protections, and a fifth-lowest violent crime rate, Wyoming appears to be the ideal state for retirees seeking both financial security and safety. According to Chip Lupo, an analyst with WalletHub, “Retirement is supposed to be relaxing, but it can also be incredibly stressful given that it typically puts people on a fixed income.” Wyoming’s success lies in its ability to offer low taxes and a lower cost of living, helping retirees stretch their budgets.
A Balanced Approach: Florida’s Second Place Finish
Florida rounds out the top two states for retirement. Known for its beautiful beaches and mild climate, it ranks highly in quality of life metrics like risk of social isolation and number of bingo halls per capita. However, despite its strong showing in quality of life, Florida’s overall ranking is dragged down by a relatively high cost of living. This balance between amenities and affordability makes Florida an attractive choice for retirees who value the lifestyle but need to watch their spending.
South Dakota: Healthcare and Beyond
South Dakota stands out with its top rankings in healthcare metrics like nurses, dentists, and health aides per capita. The state also boasts a low rate of seniors feeling social isolation and frequent mental distress, which are crucial for retirees’ well-being. While South Dakota ranks lower in affordability and quality of life, the strong healthcare services make it an ideal place for those prioritizing their health.
New Mexico: A Cautionary Tale
New Mexico, unfortunately, ranks last among states for retirement, primarily due to its high property crime rate and overall low ranking in affordability. Despite having a lower cost of living compared to some other states, New Mexico’s high crime rates and poor healthcare rankings significantly affect the quality of life for retirees.
Lessons from the Data
The WalletHub study underscores the importance of considering multiple factors when choosing a retirement state. Affordability is crucial, but so too are quality of life metrics like social isolation risk and healthcare access. Retirees should carefully weigh these factors to find a balance that suits their needs. As Chip Lupo notes, “The best states for retirees are those that have low taxes and a low cost of living to help retirees’ budgets stretch as far as possible.”
