Florida still ranks top for retirement according to a new report from the folks at WalletHub. They just released their annual list, 2023’s Best States to Retire. If you thought Florida was number one, think again. The Sunshine State holds the #2 spot this year. We surrendered the top slot to Virginia. Yes, Virginia, you are good for retirement.
When it comes to retiring there are two key factors to consider–when and where. The “when” is getting harder for American’s. According to this report 25% of non-retired adults have not saved ANY money for retirement. If that is you, start making plans now. It’s never too late to save. However, the longer the wait, the harder it can be to hit your goals. For the “where” part, even in the most affordable places, you’ll need to rely on more than your Social Security benefits to make ends meet.
About the ranking
Focusing on the where a little more. To come up with the latest rankings, WalletHub’s team of researchers compared 47 key metrics in all 50 states. Some of those metrics include things like retirement-friendliness and health-related factors. It also looks at the overall quality of life then offers a score.
Before we get the best states for retirement, there are a few that you should for sure avoid. Alabama is among the worst according to this report. It has the lowest adjusted cost-of-living index for retirees. Then there is West Virginia. That state has the lowest median annual cost of elderly housekeeping.
The worst five states to retire according to these findings are New York, Oklahoma, Mississippi, New Jersey, and Kentucky,
Florida still ranks top for retirement. Here is how the rest of the top ten looks.