A recent study has revealed the best and worst states to retire in the US in 2024. The study, conducted by personal finance site WalletHub, took into account 46 different metrics including taxes, cost of living, access to quality medical care, and even the quality of golf courses.
According to the study, Florida has once again claimed the top spot as the best state to retire in. Known for its warm weather, miles of coastline, and low tax burden, Florida has long been seen as a retirement paradise. The state’s lack of estate, inheritance, and income taxes for retired Americans, along with lower costs for adult day health care, were key factors in its ranking.
Following closely behind Florida is Colorado, which offers similarly favourable conditions for retirees in terms of taxes and overall wellbeing. Virginia and Delaware also ranked high due to their low tax burdens for retirees and low rates of poverty among older individuals.
On the other end of the spectrum, the study identified Kentucky as the worst state to retire in 2024. The Bluegrass State ranked poorly in terms of quality of life, access to healthcare, and affordability, making it less ideal for retirees.
Beyond just the financial aspects, another study found that the length of time a $1 million retirement fund would last varied significantly from state to state. In Mississippi, for example, the fund would last approximately 22 years and 8 months, while in Hawaii, it would run out after just 10 years and 3 months.
These findings can be especially crucial for individuals planning for retirement, as they highlight the importance of considering various factors when choosing a place to retire. From financial considerations to quality of life and access to healthcare, the decision of where to spend one’s later years can have a significant impact on overall wellbeing and financial security.
As individuals approach retirement, it becomes increasingly important to make informed decisions about where to retire in order to maximize their savings and ensure a high quality of life. By taking into account the findings of these studies, retirees can make more strategic choices about where to spend their later years.
Ultimately, the best state to retire in will vary for each individual based on their personal preferences, financial situation, and healthcare needs. However, by considering the factors highlighted in these studies, retirees can make well-informed decisions that align with their unique circumstances and goals.