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With retirees facing the pressures of inflation while often being on a fixed budget, the personal-finance website WalletHub today released its report on 2024’s Best & Worst States to Retire, along with expert commentary, to identify where seniors can save the most money while enjoying the best quality of life.
To help retirees find a safe, enjoyable and wallet-friendly place to call home, WalletHub compared the 50 states across 46 key metrics. The report examines affordability, health-related factors and overall quality of life.
Best States to Retire | Worst States to Retire |
1. Florida 2. Minnesota 3. Colorado 4. Wyoming 5. South Dakota 6. Pennsylvania 7. New Hampshire 8. Delaware 9. North Dakota 10. Wisconsin |
41. Hawaii 42. Arkansas 43. West Virginia 44. Rhode Island 45. New Jersey 46. New Mexico 47. Washington 48. Mississippi 49. Louisiana 50. Kentucky |
Best vs. Worst
- Alabama has the lowest adjusted cost-of-living index for retirees, – 2.2 times lower than in Hawaii, where it is highest.
- Mississippi has the lowest median annual cost of elderly housekeeping, – 3.3 times lower than in Montana, where it is highest.
- South Dakota has the highest share of the population aged 65 and older still working, – 1.8 times higher than in West Virginia, where it is lowest.
- Maine has the highest share of the population aged 65 and older, which is 1.9 times higher than in Utah, where it is lowest.