Best states to retire: a full breakdown
From affordability and quality of life to healthcare, we've examined the best and worst states for retirement to help you choose your retirement location.
Summary
Florida tops the list of the best states for retirement with excellent scores across affordability, quality of life, and healthcare.
Colorado is second on the list of best states to retire in, which is unsurprising due to its low costs, generous tax laws, and high quality of life.
Kentucky is deemed the worst state to retire in due to its low quality of life and healthcare scores.
The best state to retire on a fixed income is Alabama.
A financial advisor can help you ensure you’re saving the right amount for retirement so you can achieve your goals.
Best states to retire in 2024
Below are some states that stand out for their affordability, quality of life, and healthcare, making them top destinations for a fulfilling and budget-friendly retirement.
You can see our full scoring and methodology further down the page.
1. Florida - Florida tops the list with its impressive affordability (rank 4) and quality of life (rank 1). With its beautiful weather, diverse culture, abundant recreational opportunities, and stunning beaches, Florida attracts residents and visitors alike.
2. Colorado - Colorado secures the second spot, excelling in healthcare with a rank of three and offering breathtaking landscapes, outdoor activities, a healthy lifestyle, and a thriving arts and cultural scene.
3. Virginia - Virginia ranks third overall with excellent scores in affordability (rank 11), quality of life (rank 13), and healthcare (rank 11). It offers a high standard of living, affordable living costs, high-quality healthcare, and a rich historical heritage.
4. Delaware - Delaware ranks fourth with an overall score of 59.57. With its strong affordability (rank 3) and moderate quality of life (rank 34), Delaware offers retirees a balance between accessible living costs and various amenities. Its charming coastal charm, historical significance, and friendly communities create a welcoming environment for retirees looking to enjoy a relaxing and culturally rich retirement experience.
5. Wyoming - Wyoming secures the fifth position with an overall score of 59.04, driven by its high affordability (rank 7) and appealing quality of life (rank 7) for retirees. Known for its serene natural beauty, low population density, and welcoming communities, Wyoming offers an attractive retirement destination for those seeking a peaceful and picturesque lifestyle.
These five states also made up the top five in 2023, albeit in a different order, demonstrating how impressive they are in creating the right environment for retirees.
Get expert retirement advice
If you plan on moving for retirement, it’s wise to seek out expert advice before you make the move.
A financial advisor can review your retirement accounts and help you find the best location for your retirement.
Find your best financial advisor and get a free first consultation by completing the questions below:
Worst states to retire in 2024
While there are many excellent places to retire to in the US, some options might be less appealing than others.
Here is a breakdown of the five “worst” states to retire:
1. Kentucky - Kentucky ranks last at 50th place with an overall score of 43.40. While it has decent affordability (rank 32), its quality of life (rank 41) and healthcare (rank 44) scores may not fully meet retirees' expectations.
2. New Jersey - With a total score of 43.69, New Jersey might not be the most attractive choice for retirees due to its high cost of living and relatively lower quality of life (rank 41).
3. Mississippi - Mississippi ranks 48th with an overall score of 44.01, offering a lower quality of life experience for retirees. It ranks 12th in affordability, but its 50th place in quality of life and 48th in healthcare might not meet the expectations of retirees looking for a comfortable and enriching retirement.
4. Rhode Island – A new addition to the bottom five, Rhode Island has an overall rank of 45.20. It offers lower affordability and quality of life for retirees, both ranking at 42. Its healthcare is middling, with a ranking of 23.
5. Oklahoma - Oklahoma has an overall score of 45.57, making it a less preferable option for retirees, particularly those who prioritize healthcare quality. While it offers reasonable affordability (rank 17), its quality of life rank is 47th, indicating potential limitations for retirees seeking an enhanced retirement experience.
Full results: see how all US states rank
Discover the full results below, which rank states for retirement based on affordability, considering the cost of living and taxation, quality of life with a focus on elder abuse protections and crime rates, and healthcare, including the number of health professionals per capita and life expectancy.
| Overall rank | State | Total score | Affordability | Quality of life | Healthcare |
|---|---|---|---|---|---|
| 1 | Florida | 62.19 | 4 | 1 | 29 |
| 2 | Colorado | 61.00 | 14 | 27 | 3 |
| 3 | Virginia | 60.85 | 11 | 13 | 11 |
| 4 | Delaware | 59.57 | 3 | 34 | 22 |
| 5 | Wyoming | 59.04 | 7 | 7 | 37 |
| 6 | Idaho | 58.46 | 9 | 24 | 24 |
| 7 | New Hampshire | 57.75 | 28 | 8 | 5 |
| 8 | Minnesota | 57.53 | 39 | 4 | 1 |
| 9 | Montana | 57.17 | 21 | 12 | 16 |
| 10 | Pennsylvania | 56.28 | 35 | 2 | 8 |
| 11 | South Carolina | 55.98 | 2 | 38 | 39 |
| 12 | Utah | 55.45 | 18 | 20 | 28 |
| 13 | South Dakota | 55.01 | 29 | 23 | 10 |
| 14 | Arizona | 54.82 | 19 | 33 | 25 |
| 15 | North Carolina | 54.77 | 15 | 15 | 38 |
| 16 | Massachusetts | 54.66 | 44 | 3 | 2 |
| 17 | California | 54.59 | 33 | 22 | 9 |
| 18 | Wisconsin | 54.43 | 31 | 21 | 14 |
| 19 | North Dakota | 54.03 | 24 | 29 | 21 |
| 20 | Missouri | 53.80 | 22 | 32 | 30 |
| 21 | Michigan | 52.75 | 27 | 14 | 32 |
| 22 | Nebraska | 52.73 | 38 | 18 | 6 |
| 23 | Maine | 52.27 | 40 | 5 | 15 |
| 24 | Alabama | 52.10 | 1 | 44 | 49 |
| 25 | Ohio | 51.90 | 30 | 11 | 36 |
| 26 | Hawaii | 51.70 | 37 | 28 | 7 |
| 27 | Alaska | 51.05 | 34 | 37 | 18 |
| 28 | Iowa | 51.00 | 36 | 9 | 31 |
| 29 | Kansas | 50.99 | 26 | 31 | 33 |
| 30 | Georgia | 50.83 | 10 | 39 | 41 |
| 31 | New Mexico | 50.44 | 20 | 45 | 35 |
| 32 | Texas | 50.23 | 25 | 36 | 34 |
| 33 | Nevada | 50.19 | 8 | 43 | 43 |
| 34 | Connecticut | 50.06 | 45 | 26 | 4 |
| 35 | Indiana | 49.84 | 23 | 30 | 40 |
| 36 | Vermont | 49.58 | 48 | 6 | 13 |
| 37 | Oregon | 49.10 | 41 | 25 | 19 |
| 38 | Maryland | 48.97 | 43 | 19 | 17 |
| 39 | Tennessee | 48.41 | 6 | 48 | 46 |
| 40 | West Virginia | 48.07 | 5 | 40 | 50 |
| 41 | Illinois | 47.37 | 47 | 16 | 26 |
| 42 | Arkansas | 47.28 | 13 | 49 | 42 |
| 43 | Washington | 47.19 | 45 | 17 | 27 |
| 44 | New York | 46.49 | 50 | 10 | 12 |
| 45 | Louisiana | 45.88 | 16 | 46 | 47 |
| 46 | Oklahoma | 45.57 | 17 | 47 | 45 |
| 47 | Rhode Island | 45.20 | 42 | 42 | 23 |
| 48 | Mississippi | 44.01 | 12 | 50 | 48 |
| 49 | New Jersey | 43.69 | 49 | 35 | 20 |
| 50 | Kentucky | 43.30 | 32 | 41 | 44 |
Source: Wallethub, 2024’s Best States to Retire
Best state to retire on a fixed income
The best state to retire in on a fixed income is Alabama.
A fixed income from pension/inheritance/Social Security offers little to no flexibility regarding the amount you get each month.
Therefore, you need a state where housing markets aren't volatile, and the cost of living isn't too high (so you can still cover unexpected expenses). Alabama homes are affordable and increase in value by about 4.84% percent annually.
Delaware is also a good choice for tax reasons. There is no sales tax, no death tax, and very low property taxes.
This means retirees will have more disposable income in their golden years and pay zero state or local sales tax on their in-state purchases.
Virginia might be the best state for veterans to retire to. It offers many advantages to veterans, including health care options and tax exemptions, through 25 benefit services offices.
For those focused on quality of life considerations beyond the financial, the most common questions are, "What's the weather like?" and "What lifestyle can I live there?"
For retirees seeking sunshine, Florida is hard to beat. The sun shines in the Sunshine State 76% of the time, and the weather stays warm throughout the year.
For retirees looking for colder winters, outdoor activity opportunities, and lower living costs, Michigan and Ohio are great choices.
Best state to retire on Social Security
Social Security recipients should consider retiring in a state that offers deductions or exemptions based on income and age.
The best states to retire on Social Security, which don't tax Social Security income, include:
- Florida
- Nevada
- New Hampshire
- Tennessee
- Washington
How to find the best state for retirement
Over 200,000 people move for retirement each year in the US. Will you be one of them?
With lifestyle, housing, and tax varying from state to state, where you live during retirement will significantly impact how you spend this next chapter in your life.
Unbiased empowers you to make confident financial choices by helping you find a financial advisor perfectly suited to meet your needs. To speak to your financial expert, simply answer a few questions, and our dynamic search feature will pair you with your perfect finance professional. Find your financial advisor here.
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Content writer
Kate has written for leading publications and blue chip companies over the last 20 years.