Best vs. Worst
The WalletHub survey also includes graphics showing the best and worst five states for a variety of metrics.
WalletHub further notes that even in the most affordable areas of the U.S., most retirees cannot rely on Social Security or pension checks alone to cover all of their living expenses as they replace only about 37% of the average worker’s earnings. WalletHub also reports 25% of all nonretired adults having no retirement savings, citing Federal Reserve statistics.
Here are a few statistics singled out by WalletHub:
• Alabama has the lowest adjusted cost-of-living index for retirees, 85.88, which is 2.2 times lower than in Hawaii, where it is highest at 185.37.
• West Virginia has the lowest median annual cost of elderly housekeeping, $42,328, which is 1.9 times lower than in Minnesota, where it is highest at $80,080.
• Vermont has the highest share of the population aged 65 and older still working, 23.84%, which is 1.8 times higher than in West Virginia, where it is lowest at 13.56%.
• Maine has the highest share of the population aged 65 and older, 20.60%, which is 1.9 times higher than in Utah, where it is lowest at 11.10%.
To view the full report including each state’s rank, visit:
https://wallethub.com/edu/best-and-worst-states-to-retire/18592
SEE ALSO:
• Florida Best, New Jersey Worst for 2022 Retirement: WalletHub
• 11 Best Places to Retire in the World in 2023: International Living
• There’s a New ‘Best Place to Retire’ – And It’s Not in Florida
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
