A recent study revealed the most appealing states for those planning their retirement in 2024. The ranking, which considered factors like cost of living, healthcare, climate, and crime rates, put Hawaii at number one. Surprisingly, Nebraska and Iowa followed closely due to their low cost of living and impressive healthcare facilities.
However, high costs of living and crime rates meant that New York and California, despite being popular holiday destinations, did not fare as well. The study’s authors advise retirees to consider climate and activities, their budget, healthcare necessities, and safety when choosing where to retire.
The study also highlighted Delaware as a particularly retiree-friendly state, thanks to its tax laws and climate. Other beneficial states for retirees included West Virginia, Georgia, South Carolina, and Missouri. Each of these states offers a mix of affordable living, quality healthcare, and recreational opportunities.
Hawaii leads in retirement attractiveness study
West Virginia, for example, stands out for its low property taxes and scenic beauty, while Georgia offers a blend of city and country life and senior-friendly tax benefits.
However, not all states were deemed suitable for those seeking retirement. Alaska was ranked least suitable for the second year running due to its high crime rates, high cost of living, poor healthcare facilities, and challenging climate. Other less welcome states for retirees included New York, Washington, California, and North Dakota, mainly because of high living expenses, poor healthcare facilities, high crime rates, or unfavorable weather conditions.
Regardless of these findings, the study stressed the importance of not rushing into retirement. Further research showed that of the four million Americans estimated to retire this year, only half feel financially prepared. This highlights the critical necessity of financially planning for retirement, managing debt unwisely, and preparing for unexpected costs.
The same research showed that many Baby Boomers and Gen Xers are experiencing high stress levels over possibly running out of savings, and a significant proportion have not yet appropriately begun planning their retirement finances.
Finally, the study emphasizes that choosing where to retire requires consideration of various factors, including personal finances, healthcare quality, and the overall quality of life in a potential state. Suitable housing, the weather, recreational opportunities, and the general contentment of current residents should also all be considered. Through careful consideration of all these factors, retirees can be sure to make informed decisions about their retirements – and ensure they are as enjoyable as possible.
