Head Scratching Picks for Best and Worst States for Retirement

Nov. , 2024 —

Retirement Living gathered and evaluated 13 data points across three categories: cost of living, quality of life, and healthcare. We also surveyed more than 1,075 readers aged 55 and older to garner on-the-ground feedback about retirement in their state.

Shifting priorities – consumer data sourced by Retirement Living suggests that current and future retirees are even more focused on retirement-specific taxes and quality of life metrics.

Nearly half (49.6%) of respondents said they’d be willing to move to a state with a more favorable retirement climate. Of those, 52% are retired and 48% are not yet retired. Those who mention high taxes and expenses are more likely to move.

Thirty-seven percent of respondents chose “quality of life,” 39% chose “affordability,” 14% chose “health care,” and 10% chose “other.” Quality of life seems to include cost of living and taxes, though.

NH (no taxes, recreation (ME (relaxed, food but expensive ). IA (half price housing), ID (beautiful, adventures), MS(tops w/ WV for low cost of housing), DE,PA, FL, VT, SC

RL scores from 3.52 for SC to 4.5 for MS, NH was 3.6, but #1 for affordability and #2 for quality of life

Worst

California, NY, MD, LA, NJ,UT, CT,RI, MT, MA. Ny and CA among least affordable

Why ID and MT (taxes) are so different

why LA and MS

• Taxes on retirement income: 8%
• Sales tax rate, including average local taxes: 8%
• Average home price: 8%
• Average monthly rent payment: 8%
• Median household income (2022 dollars, adjusted for inflation): 8%
• Persons 65 and older: 6%
• Persons in poverty: 6%
• Violent and property crime rates: 6%
• Population density (per square mile): 6%
• Population growth (2020 – 2022): 6%
• Number of hospitals per state: 6%
• Number of primary care doctors per capita: 6%
• Retirement Living survey responses: 20%

Best and Worst States for Retirement