If you want to learn about your state’s retirement ‘affordability’ and ranking - you can read the article by Adam McCann, Financial Writer (January 13, 2020) Best & Worst States to Retire.
To give example of the rankings: Alabama ranked number 1 on the affordability rankings and number 39 on the overall rank with a Total Score of 48.74.
Our own state here in Colorado ranked a proud number 2 in Overall Rank, with Florida taking the number 1 slot in Overall Rank.
Some of the considerations in the ranking system:
Lowest adjusted cost of living
Lowest annual cost of In-home services;
Best Wallethub ‘taxpayer’ ranking;
Highest % of Workforce aged 65 & Older;
Most museums and theaters per capita;
Highest % of population aged 65 & older;
Highest life expectancy and
Lowest Property crime rate.
Their extensive Methodology is explained in the article highlighting such important points as:
Access to public transportation;
Mildness of weather;
Violent and property crime rates;
Air quality; and
Availability to ‘senior’ healthcare
If you are nearing retirement and have dreams of a comfortable and ‘good’ retirement, consider logging onto the wallet hub website and learn more about the ‘rankings’ of each state.
According to the article: “In order to choose the best state to retire for you, you must carefully consider various factors such as your finances, health and how you plan to spend your time.”
I would add that for many who are approaching retirement, one important decision would be their proximity to family and friends as part of their social and safety network.
Note: When moving/relocating to another state, make sure you have a professional review your estate planning documents. Some legal issues that surround estate planning can vary from state to state.
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