Top 3 US States for an Amazing Retirement in 2023

Last updated Jul 5, 2023

Increasing cost of living challenges for Baby Boomers

As more Baby Boomers (1946-1964) retire every year, the cost of living continues to rise across the United States. This makes certain states more comfortable for seniors who have private retirement savings accounts (i.e., 401(k), Roth IRA, etc.) or public pensions, compared to those solely dependent on Social Security. The Senior Citizens League reports that the purchasing power of Social Security benefits has declined by around forty percent since the early 2000s, making it harder for the country’s oldest residents to maintain a dignified standard of living.

Best states for retirees based on affordability, quality of life, and healthcare

When choosing a retirement destination, seniors should consider factors beyond personal preferences, such as the living standard available to older people. Wallet Hub, a financial news site, ranked US states based on affordability, quality of life, and healthcare. The overall highest-scoring states were Virginia, Florida, and Colorado, while Kentucky, New Jersey, and Mississippi scored the lowest.

Virginia: the best state for retirees

Virginia’s top position is primarily due to the access to healthcare and quality of life for retirees in the state. The state ranks eleventh in the country for both healthcare and quality of life, and sixteenth in affordability. In 2022, the state’s health department reported that 7.1 percent of residents over sixty live in poverty, and 9.4 percent are food insecure. Although these figures are lower than the national average, they highlight the challenges faced by residents in even the “best” ranked state.

Florida: high on affordability and quality of life

Florida offers retirees benefits in terms of affordability, as the state government does not tax income. This means Social Security beneficiaries who work part-time can keep more of their earnings compared to states with both federal and state taxation. Nevertheless, many senior households in Florida live in poverty and struggle with decreasing purchasing power. The Department of Elder Affairs reported in 2021 that 11 percent of owner-occupied households and nearly a third of renters over 65 faced a high-cost burden. Florida ranked ninth in affordability, fourth in quality of life, and twenty-eighth in healthcare, putting it behind Virginia. Furthermore, a quarter of the senior population was medically underserved, with 11 percent living in areas with limited access to medical care.

Colorado: the third-best state for retirees

Colorado ranks third among the best states for retirees, with fourteenth place in affordability and twenty-seventh in quality of life. The state ranks fifth in healthcare, higher than Virginia and Florida, and behind only Minnesota, Massachusetts, Connecticut, and Hawaii. However, 7.2 percent of Colorado residents over 60 live in poverty, and 13 percent are food insecure. Wallet Hub’s healthcare metric considers factors such as access, quality, and outcomes (i.e., overall health of the population).

Story at en.as.com – 2023-06-20 21:51:59