Choosing the perfect retirement destination is actually a very personal and multifaceted decision. And, frankly, most people already love where they live. However, if you want to move, you’ll need to carefully consider a variety of factors, from climate and cost of living to access to healthcare and social connections. By understanding your retirement vision, conducting thorough research, and prioritizing your own needs and preferences, you can identify a place that will feel like home in the next chapter of your life. .
Remember, it’s not just where you live that matters in retirement, it’s how you live. Here are various criteria to consider when determining the best state for your retirement.
Home is where the heart is
When you think about the best situation to retire in, you probably want to think about your loved ones first. How close do you want to be to family and friends? For many people, this may be the most important factor when choosing where to live.
Community and social connections
Social connections are essential for enjoying a fulfilling retirement. Regardless of existing family and friends, retirees should seek out communities that encourage social engagement and provide opportunities for meaningful connections with other people. Explore common neighborhoods, retirement communities, social clubs, volunteer organizations, and recreational groups that match your interests and values.
Building a supportive network of friends and colleagues can increase your sense of belonging and happiness in retirement. And it can be important to have access to people and events that you feel comfortable with.
lifestyle factors
Retirement is a time to immerse yourself in your passions and interests. Therefore, you need to choose a locale that allows you to access the activities you want to perform.
Consider the recreational and cultural amenities available at your potential retirement destination. Whether you enjoy outdoor activities like hiking, golf, and fishing, or prefer cultural activities like museums, theaters, and art galleries, make sure the location you choose offers rich and fun opportunities .
Not sure what you want to do after retirement? Check out 120 ideas for what to do after retirement.
housing and housing affordability;
There are many different approaches to purchasing an affordable retirement home. Here are two of his stories that show how people solved different ways to buy nursing homes they liked.
- I heard a couple on the radio the other day. They didn’t care where they lived, they just wanted to love their home (and be able to afford it). Rather than limiting their search for a retirement location to a specific state, they looked at real estate listings across the country. Eventually they settled on a three-acre plot of land in a small town in Maine. why? They loved the style of this home and the location was perfect for them.
- My mother, on the other hand, didn’t want to move after retirement, even though she lives in one of the most expensive cities in the United States. She can afford to stay there. Because she bought a nice house in a nice mobile home park. Because it happened to have great facilities.
So if affordability is important to you, you don’t necessarily have to move to one of the states with the lowest housing costs. There are expensive and affordable homes everywhere.
Most affordable states: If you’re interested, here are five states with the most affordable housing prices: Mississippi, West Virginia, Arkansas, Alabama, and Kentucky.
lower state tax rates
Taxes can be a big item in many retirement budgets. Therefore, considering state taxes can be an important factor in determining the best state to live in during your retirement. State and local taxes include income taxes, property taxes, sales taxes, inheritance taxes, and more.
Learn more about the best low-tax states and compare relocation scenarios with NewRetirement Planner –
- Run one scenario where you currently live. Run another scenario to relocate to a different state. You can calculate and compare estimated tax burdens for each scenario.
total living expenses
US News and World Reports ranked States by cost of living. They discovered:
- The lowest costs of living are in Mississippi, Alabama, Kentucky, Arkansas, and Iowa.
- The highest costs of living are in Hawaii, California, New York, New Jersey, and Washington.
Access, affordability, and quality of healthcare
Whether you like it or not, you will need medical care after you retire. And you’ll want to make sure that where you live, health care is accessible, affordable, and of high quality.
MedicareGuide.com We conducted an analysis to provide answers about which states provide the best health care for seniors. Overall, we ranked the
- Minnesota, North Dakota, Massachusetts, California, and Nebraska are in the top five.
- At the bottom are Oklahoma, Georgia, Mississippi, Louisiana, and West Virginia.
However, each state excelled or failed on different criteria.
Quality and health outcomes: Quality of care is assessed by assessing Alzheimer’s disease rates, life expectancy, cancer mortality rates, stroke rates, heart disease rates, the proportion of adults with type 2 diabetes, and fall mortality rates per 100,000 population. Ta.
- Connecticut, Massachusetts, New Jersey, New York, and Hawaii ranked highest for quality.
- Mississippi, Oklahoma, West Virginia, Alabama and Tennessee ranked worst in terms of quality.
Accessibility: To assess accessibility, the study conducted a per-capita survey of physicians, geriatricians, nurses, home health aides, technicians, and nursing homes. We also considered the number of Medicare-certified clinics available, the percentage of physicians choosing Medicare, and the number of Part D Medicare plans available.
- Maine, Vermont, Minnesota, North Dakota, and West Virginia had the best access to health care.
- The least accessible states are Nevada, Georgia, South Carolina, Utah, and North Carolina.
Affordable: To consider affordability, they look at average monthly premiums, deductibles, Medicare Advantage premiums, Medicare Supplement premiums, Part D PDP plan deductibles, prescription drug prices and Medicare Advantage maximums. We evaluated the out-of-pocket costs.
- Utah, California, South Carolina, Kansas and Minnesota had the highest costs.
- Delaware, West Virginia, Connecticut, Vermont, and Maryland had the worst costs.
Walkability, public transportation and other accessibility factors
When deciding where to live, you need to think about how you will get around. Experts say being able to walk to activities improves quality of life and health. However, access to the airport and excellent public transportation may be important to you.
weather and geography
Climate and geography are important considerations for many retirees. Some people want warm sunshine all year round, while others prefer the change of seasons. Coastal regions offer coastal living and ocean views, while mountain regions boast beautiful scenery and opportunities for outdoor recreation.
Consider how climate and geography affect your daily life and overall well-being.
Natural disasters and other risks
Closely related to weather are climate-related disasters. You may be craving Florida’s warm tropical climate, but you may not want to deal with the threat of hurricanes. Summers in Arizona are extremely hot. California is experiencing wildfires and earthquakes. Almost everywhere there are potential risks and burdens associated with natural disasters.
core logic We analyzed the risk of wildfires, inland flooding, severe convective storms, winter storms, earthquakes, and hurricanes and determined that the following 10 counties are the safest from natural disasters:
- McKinley, New Mexico
- Duchesne, Utah
- Conejos, Colorado
- Emery, Utah
- summit, colorado
- pondera, montana
- Saguash, Colorado
- uintah, utah
- Mesa, Colorado
- San Miguel, Colorado
What is the best state to retire in?
The reality is that most people stay put after retirement, but there are many things to consider for those who want to move. Please consider your options carefully. Use NewRetirement Planner to run financial scenarios for your relocation.
Besides quality of life issues, economic factors should also be considered, such as:
- State income tax (Planner does this automatically when entering transfers)
- Property tax changes (added to recurring expense budget)
- Difference in living expenses (reflected in the budget for ordinary expenses)
- Medical cost changes (for costs after 65, if you are using the estimator, the planner will automatically make the changes by location)
- Insurance premiums (some regions have much higher premiums than others)