Weve maintained this reputation for over four decades by demystifying the financial decision-making Healthcare: 15. Here's Who's Hiring Now, Tim Cook Owns Cryptocurrency -- So Do 68% of American Millionaires, How Many Americans Own Stock? Economy: 4 (Because the FBI significantly changed the reporting format for 2020 data, we did not rely on those statistics. Find the right brokerage account for you. Still, on average, people across the U.S. have roughly $400,000 dollars to nest on. States that don't tax Social Security include 9 out of 10 of the top-ranking states in the study, with the No. Healthcare: 7. This includes factors that cover physical and financial health, food access, and a variety of social and community elements. And some states have the greatestinfluxesof residents citing retirement as the primary reason for their move. Heres what to do if you didnt get one, The worlds 10 richest people have all lost money since 2022 started except for Warren Buffett, Heres how much money Americans are aiming to save in 2022, Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. There are some states that might offer a better retirement lifestyle and have certain financial benefits, but the right place will depend on whats most important to you. Here's the Data, Thinking of Changing Careers? A good place to start is Bankrate's survey of the best states to retire in 2022and its ranking of the most affordable and least affordable states to retire in. Answer a few quick questions and well show you your top credit card options. . Discounted offers are only available to new members. (NICHOLAS KAMM/AFP via Getty Images). Lifestyle: 6 1 best city, worst states in the U.S. for retirement for 2023, the bottom half of the list for affordability. Our goal is to give you the best advice to help you make smart personal finance decisions. Unlike Arkansas, crime is not a particular problem, as the state ranks around the middle of the pack. Lifestyle: 19 2023 Bankrate, LLC. The Motley Fool analyzed quality-of-life data from Sharecare's Community Well-Being Index; cost-of-living data from The Council for Community and Economic Researchs Cost of Living Index; housing data from Zillows Home Value Index; healthcare and crime data from United Health Foundations America's Health Rankings report; and tax data from The Tax Foundations State and Local Tax Burden tables. Quality of life tracks elder-abuse protections and crime rates in the respective states, according to methodology. Do these seven things now. For example, California has the most people age 65+ of any state but has the largest population overall. The Bluegrass State offers retirees safety, with the seventh-lowest rate of violent crime in the nation. According to Bankrates study, Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri. Next on the list, at 11, is Minnesota. Also, whether you are looking for a job or not, no one wants to live in an economically depressed area. Colorado. This state rated as the second best for nursing care capacity, and is the seventh-safest overall from crime. 1 isn't in Florida Spend The 10 worst U.S. states to retire in Real Estate Scottsdale, Arizona is the No. When you start to think about the best state in which to retire, several questions naturally come to mind. Investopedia requires writers to use primary sources to support their work. What Would Privatized Social Security Mean for Americans? Check out todays auto loan rates. Thats why its helpful to look closely at specific factors to see what matters most to you. So, whether youre reading an article or a review, you can trust that youre getting credible and dependable information. Lifestyle: 7 It's no surprise that money is such an important consideration when choosing the best place to spend your retirement years. Our reporters and editors focus on the points consumers care about most how to save for retirement, understanding the types of accounts, how to choose investments and more so you can feel confident when planning for your future. Two retirees ride tricycles through a flooded street at the Enchanted Shores manufactured home park [+] in Naples, Florida, on September 11, 2017 after Hurricane Irma hit Florida. Minnesota ranked second on the list. Have a confidential tip for our reporters? Heres thecomplete list, including the percentage of the citys residents who are 65 or older: Our research focused on the states and cities where most retirees actually live, based on various data from the U.S. Census Bureau. Here are the top 10 states where this age group represents the biggest share ofthe population: If we look at states with the highestnumbers of people in this age group (not as a percentage of the states population), the data tells a different story. Well, okay. To answer that question, we researched the states with the largest shares, highest numbers, and greatest influxes of older adults. The six above have the lowest state and local tax burden in the country. Notably, West Virginia is popular with older residents, as the state has the third-largest proportion of people aged 65 or over. Perhaps no state is more associated with retirees than Florida, so its no surprise it should make the top ten. Compare cards in one place to find the one for you. The reason it isnt ranked even higher than fifth highlights the fact that all states have both strengths and weaknesses. Your IP: Perhaps most importantly, where do your kids, grandkids, friends and health care providers live? For one thing, more and more people are choosing to work part time after retiring from their primary careers. Michigan: This cold-weather state seems an odd choice for the Top 5, but Michigan boasts the best affordability in the nation, based on the combination of a low cost of living and a light tax . Its46th Annual National Movers Studytracks migration patterns on a state-by-state basis. Crime/Safety: 44 Secrets and strategies for the post-work life you want. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Arkansas also did well in the healthcare category, ranking tenth in nursing care capacity and first in healthcare affordability. We'll go over the survey results and then jump into the best states to retire to based on what Americans really want. This should be something you consider as you plan and save for retirement. This is a big consideration throughout our lives, but when incomes decrease in retirement, it can become a huge factor. Washington State, for example, has no state income tax, but does have a 6.5% state sales tax. Which states are most popular with older Americans? But on the whole, these states have drawbacks in key areas that Americans prioritize when retiring. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Although beautiful, the state scored lowest in affordability, crime, culture & diversity, weather and well being. Poll: How Well Did Meme Stock Investors Understand What Was Happening? For those of us who want to retire in the U.S., there are nine states that have no state income taxes: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. No part of this blog, nor the links contained therein is a solicitation or offer to sell securities. Make sure its really as affordable as you thought. San Jose saw a profit . Our experts have been helping you master your money for over four decades. A retirement calculator can help you set retirement-savings targets based on how much youll need to support your retirement lifestyle, but how do you know what that retirement lifestyle will cost? What's the best state to retire in? Our free money tools bring your accounts together in one place so you can monitor your investments and plan for your big financial goals. If you want a safe retirement, be aware that Alaska has more than 7 times as much violent crime as Maine, and Louisiana has more than 2.5 times as much property crime as Massachusetts. Our respondents value both the quality and affordability of healthcare when looking at states to retire in. The Motley Fool used those scores to create a final weighted score between 0 and 100 for each state to determine the best states to retire. However, nursing care capacity has not kept up with that elder population, as Florida ranked 40th on that measure. We reviewed one final report fromExtra Space Storageto drill down the top retirement spots by city. Housing costs have been on the rise nearly everywhere since the start of the pandemic. For wellness rankings, Bankrate used the Sharecare Community Well-Being Index released in July 2022. Bankrate follows a strict editorial policy, Mississippi,. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. Investopedia does not include all offers available in the marketplace. But where you retire and the quality of life you will have there are just as important. How much should you save for a great retirement? The top two states to retire in according to our formula are drumroll please Alaska and New Hampshire! This Week In Credit Card News: Highest Interest Rates In 22 Years; More Concerns For Buy Now, Pay Later Users, 4 Habits Holding You Back From Living Your Best Financial Life, 5 Student Loan Forgiveness Updates As Payments Resume In A Matter Of Weeks, Who Qualifies For $130 Million In Student Loan Forgiveness Announced By Biden. Some places in the U.S. are easier on your wallet than others. Wondering where to buy that retirement property? To make the world smarter, happier, and richer. Here are some examples of the extremes: You dont have to depend on your local bank to get the best savings account interest rates. Healthcare: 17. This Midwestern state may not be one of the first places that come to mind when you think of retirement destinations, but thats why its important to look at the facts. However, the results arent necessarily the best places for retirees to live. Here's how to make the most of it. Assessment Methodology. Most choose to retire around that age give or take a few years to relax, spend more time with friends and family, pursue a passion, or enjoy a change of scenery. Maybe two homes would better suit your snowbird tendencies. Lifestyle: 14 The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. Healthcare: 21. According to Bankrate's study, Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri. Other times, they want to be closer to family. Orlando is fourth most popular among transplants. Minnesota ranked second on the list. One area of weakness is life expectancy at age 65, where it was one of the worst states in the nation. No more sweating work deadlines, playing office politics or struggling to stay afloat in a city with a soul-crushing commute and a punitive cost of living. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. What Are The Top 5 States For Retirement? This study compares affordability, safety, health care capacity and more. Opinions expressed by Forbes Contributors are their own. The state of Georgia is the best state for retirement in the United States due to a combination of different aspects. New York. Florida ranks No. Healthcare: 3. Before joining Bankrate in 2000, he spent more than 20 years writing about real estate, business, the economy and politics. Also, different states tax your retirement income differently. According to our findings, the top 10 states to retire in are Georgia, Illinois, Tennessee, West Virginia, Arkansas, Alabama, Missouri, Kansas, Oklahoma, and Mississippi. Cloudflare Ray ID: 7ee7b64edf03e380 Arizona. Two states farther north Missouri and Massachusetts rounded out the top five. The largest profits on home sales in the second quarter of 2023 were right here in the Golden State. 9. Arkansas has the second-lowest overall cost of living in the nation and the tenth-lowest average property tax burden. Americans value quality of life, affordable housing, high-quality and affordable healthcare, safety, and low taxes when it comes to choosing a place to retire. All of this and more will have an impact on your overall quality of life. How are Americans building wealth and reaching financial freedom? The United States Census Bureau is a division of the Bureau of Commerce that is responsible for conducting the national census at least once every 10 years. 42 for affordability) it ranked No. Maine, for example, has a relatively small number of people age 65+ (294,000), but that represents nearly 22% of the states population the largest share of older adults in any state.
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