WalletHub ranked all 50 U.S. states based on three key categories: affordability, quality of life and health care. The categories used data from several sources, including the U.S. Census Bureau, the Council for Community and Economic Research, the Centers for Disease Control and Prevention and the Tax Foundation.
A state’s ranking was determined by how well it scored across all three categories. That means that even if a state ranked highly in one category, a much lower ranking in another category could lower its overall position.
Although Kentucky ranked 33rd for affordability, it came in 41st in quality of life and 46th for health care. On the other hand, Virginia, which was ranked as the best state to retire in, scored 16th place in affordability and 11th in both quality of life and health care.
Here are the 10 best and worst states to retire in 2023, according to WalletHub:
Best and worst states for retirement in 2023
Graphic: Gabriel Cortes / CNBC
Source: Ranking and analysis by WalletHub
That’s not to say Kentucky, or any of the lowest-ranked places, aren’t good places to retire for certain people.
Everyone’s idea of the “perfect” place to retire is different and will be influenced by a variety of things. Some people may prioritize retiring closer to their family, while others may want to move to a state with a lower cost of living.
Although retirees often seek less expensive states with lower taxes, they should also keep in mind that many states have political and religious orientations and weather conditions that may “detract from their otherwise favorable financial environments,” Stephen Golant, a University of Florida professor, said in WalletHub’s report.
“Before permanently moving to a new location, retirees should spend some vacation days scoping out its both desirable and undesirable features,” Golant advised.
Source : CNBC Make it