Florida, Colorado, and Virginia rank as the top three states for retiring seniors, according to WalletHub.1 In a recent study, they compared all states based on 46 indicators in three key categories: Affordability, which includes tax benefits, cost of living, and more.
Wisconsin, New Hampshire, and Tennessee are all highly ranked retirement destinations for health care needs due to low or no income taxes, access to quality health care facilities, and access to nature and recreational activities.
Key Takeaways
According to the Milken Institute's Center for the Future of Aging, the best cities for successful aging are clustered in Utah and Iowa, among other places. Other stand-out cities for retirees include Madison, Wisconsin, and Durham-Chapel Hill, North Carolina.
Therefore, it's no surprise that Wyoming and Delaware topped our 2022 Annual National Movers Study as the most popular retirement destinations. In addition to mild weather, both states have highly attractive tax rates along with exclusions on pension and 401(k) income for homeowners over the age of 65.
The results
The top two states to retire in according to our formula are — drumroll please — Alaska and New Hampshire!
Based on our methodology, the best US city for healthcare is Rochester, Minnesota. Home to the world-renowned Mayo Clinic, Rochester has a wide variety of resources available for seniors, such as wellness programs, social services, and senior centers.
Our previous study highlighted some of the best states to live on Social Security, with the top five being Mississippi, Wyoming, West Virginia, Iowa, and Georgia. Retirees can start by choosing places within these states to stretch their retirement incomes a bit further.
That's according to the latest World Happiness Report, which takes a deep-dive into the joyfulness of each stage of a person's life. The report revealed older adults are happiest in Denmark, Finland, Norway, Sweden and Iceland, in that order.
Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, and Wyoming are the top tax-friendly states for retirees. All of them have no personal income taxes. 1 Other taxes, cost of living, and overall quality of life are also important considerations.
Thailand. Is it possible to retire in Thailand and keep the costs in check? Certainly! It's another top choice for digital nomads with an achievable $500 monthly budget, focusing on affordable accommodation.
Key takeaways
Delaware (1), West Virginia (2), Georgia (3), South Carolina (4) and Missouri (5) are the top five states for retirement in 2024. Alaska (50), New York (49), Washington (48), California (47), and North Dakota (46) landed at the bottom of the rankings for the best and worst states to retire.
And when it comes to senior well-being, Utah leads the way. United Health Foundation's Senior Report, which analyzes the health and well-being of America's elderly, has ranked the Beehive State No. 1 for the third consecutive year.
All states and the District of Columbia impose these taxes except Alaska, Delaware, Montana, New Hampshire and Oregon. The highest state sales taxes are in California (7.25%), Indiana, Mississippi, Rhode Island and Tennessee (7.0% in each).
The top state for retirement is Delaware, according to Bankrate's 2024 Best States to Retire study.
In 2024, across all states in the United States, Utah was ranked as the healthiest state for older adults aged 65 years and above, followed by Colorado and Vermont. On the other hand, Louisiana was the unhealthiest state for older adults in the United States, ranking last on the list.
It's no secret why Florida continues to be one of the best states to retire in 2024. With a warm and sunny climate, retirees enjoy Florida's beautiful beaches and outdoor activities year-round. From the Gulf Coast to the Atlantic, Florida offers endless opportunities for leisure.