10 Best, Worst States for Retirement 2024

Bankrate’s new rankings have a new No. 1 while last year’s top state sinks to ninth

Delaware, the second smallest of the 50 states, is the best state for retirement in 2024 according to Bankrate’s annual “Best States to Retire Study,” released in late July. Meanwhile, the biggest state—Alaska—maintained its spot at the bottom of the rankings.

Bankrate’s comprehensive study ranked all 50 U.S. states by affordability (40% of the ranking), overall well-being (25%), quality/cost of health care (20%), weather (10%) and crime (5%).

“The reality is that most Americans feel behind on saving for retirement, which means affordability is critical,” said Bankrate Analyst Alex Gailey. “A move to a more affordable location could be an effective way for soon-to-be retirees to stretch their retirement savings in this economy. If you’re behind on savings and retirement is just a few years away, now’s the time to play catch-up.”

In the overall rankings, the best and worst states for retirees are split geographically. The Midwest and the South claim four of the top six states, while the Northeast and West claim the bottom five states, primarily because of differences in cost of living.

Here’s a closer look at the 10 best states for retirement in 2024, followed by the 10 worst according to Bankrate’s new rankings.

1. Delaware

Moving up from second place last year into the top spot this year, Delaware ranked well in categories such as overall well-being (2^nd), weather (8^th) and affordability (20^th), despite its less favorable rankings in the categories quality/cost of healthcare (39^th) and crime (36^th).

“Delaware overtook Iowa for the number one spot in this year’s ranking of the best and worst states to retire,” said Bankrate Analyst Alex Gailey. “While Delaware is a pricier state to live in, the state’s high-quality healthcare, light tax burden, affordable homeowners insurance and good weather propelled it to the top spot this year. Delaware also scored well in diversity, wellness and culture and it has one of the nation’s highest percentages of residents 62 and older.”

While Delaware ranked fourth for the amount of adults 62 and older per capita, Bankrate stressed that Delaware is a tax-friendly state for retirees, without a state or local sales tax, and it doesn’t tax Social Security benefits. It also has lower property taxes relative to the rest of the country, averaging roughly $1,939 annually, according to ATTOM data.

NEXT PAGE: Rest of the Top 10

Rest of the Top 10

2. West Virginia

West Virginia—not traditionally thought of as a highly desired retirement mecca—moved up from third place last year into the second spot overall this year—which can be largely attributed to being ranked first in affordability for the second year in a row (accounting for 40% of the overall ranking).

“This small state boasts the best affordability in the nation, based on a low cost of living, low property taxes and affordable homeowners insurance. The state fell in the middle of the pack for wellness,” Bankrate notes. “However, it scored the worst of all the states in the quality and cost of healthcare category due to high healthcare costs, poor health system performance and fewer healthcare establishments per 100,000 residents in the state.”

3. Georgia

Georgia moved all the way up from 15^th last year to third overall in 2024, thanks to it becoming “significantly more affordable since last year.”

That’s primarily because the survey’s metrics found Georgia’s cost of living has come down considerably, and average homeowners insurance premiums have dropped slightly. The quality and cost of healthcare in Georgia improved slightly, but overall well-being and crime scores remained poor this year.

4. South Carolina

Another big mover in this year’s ranking is South Carolina which scored higher on affordability this year compared to 2023, pushing it up all the way from 19th place to fourth place. It scored well in the weather category and fell in the middle of pack for overall well-being and quality and cost of healthcare. However, it suffered in one key category: crime.

5. Missouri

Missouri drops just one spot this year from last year’s ranking, but remains in the top five thanks largely to its high affordability ranking (9^th), placing well for cost of living and property taxes. However, the Show Me state struggles with its quality of healthcare, overall well-being, crime and natural disasters.

6. Mississippi

Ranking second out of 50 states in affordability propelled Mississippi to sixth place overall, dropping one spot from 2023. Mississippi was 49^th in qualify/cost of healthcare and 46^th in overall well-being, but was fifth in weather rank and 22^nd in crime.

7. Pennsylvania

Pennsylvania maintained its seventh-place spot in the Bankrate rankings with top-half scores in all but weather (32^nd). It was 12^th for crime and 14^th for overall well-being, and 25^th for affordability. Cities in Pennsylvania are a perennial retirement favorite in U.S. News & World Report’s annual rankings of the top places to retire in the U.S., locking up the top five cities in its 2024 list and seven of the top 10 spots. Harrisburg rose one spot to take the No. 1 rank due to its scores on health care for seniors, retiree tax rates and overall happiness of its residents.

8. Florida

Like Pennsylvania, Florida also stayed in the same spot this year, buoyed by strong scores in overall well-being and weather (both 3^rd). This despite ranking 37^th in affordability and 27^th in crime.

9. Iowa

Iowa notably fell from first place last year to 9th overall this year due to lower scores in the affordability category, which makes up 40% of the ranking. The cost of living, property taxes and homeowners insurance have all risen in Iowa since last year.

10. Wyoming

Somehow, Wyoming managed to fall from 6^th place in last year’s ranking down to 10^th this year despite actually improving from ninth to eighth for affordability and having identical ranks both years for crime (7^th), overall well-being (16^th), weather (47^th) and quality/cost of healthcare (38^th).

NEXT PAGE: 10 Worst States for Retirement 2024

10 Worst States for Retirement 2024

Several pricey Western and Northeastern states landed in the Bankrate bottom 10 this year, with Alaska and New York holding their spots at the bottom for the second consecutive year.

41. Minnesota

Minnesota dropped from 35^th last year to 41^st overall in this year’s rankings, thanks in part to ranking 49^th in weather and 32^nd in affordability and despite ranking 7^th for quality/cost of healthcare.

42. Texas

Texas moved up two spots in this year’s ranking, perhaps due to moving up two spots in the affordability rankings (from 28^th to 26^th). Texas suffered from ranking 47^th in overall well-being, 38^th in crime and 35^th in quality/cost of healthcare.

43. Maryland

Maryland dropped one spot in this year’s ranking, thanks in large part to scoring 46^th in affordability. The state also ranked 29^th in crime, but was top-half in every other category led by 14^th in weather, 15^th in quality/cost of healthcare and 19 in overall well-being.

44. Colorado

Colorado also dropped one spot in this year’s ranking, thanks to a 39^th rank for affordability and a curious 42^nd score in weather. This despite ranking No. 2 overall for quality/cost of healthcare but somehow only 28^th for overall well-being. A crime ranking of 37^th also dinged CO.

45. Massachusetts

A 48^th rank in affordability led Massachusetts to the 45^th overall rank, up one spot from last year. The state fared well for overall well-being (8^th) and crime (10^th) but was 29^th in quality/cost of healthcare and 31^st for weather.

46. North Dakota

North Dakota swapped spots with Massachusetts in this year’s ranking, dinged primarily by a 48^th rank for weather, 37^th for overall well-being and a 36^th rank for quality/cost of healthcare. The state’s best ranking was 18^th for crime.

47. California

Despite ranking dead last (50^th) for affordability, California took the 47^th overall spot. The Golden State was 6^th for quality/cost of healthcare, 12^th for weather and 15^th for overall well-being. California ranked 38^th for crime. Well-known as being an expensive place to live, another recent ranking of most expensive towns for retirement included six of the top 10 in California, including the top four.

48. Washington

Washington flipped spots with California this year, falling to 48^th thanks for low ranks for affordability (47^th), weather and crime (34^th), and overall well-being (30^th).

49. New York

New York as 49^th in affordability and 49^th overall, with additional poor rankings for weather (37^th) and quality/cost of healthcare (32^nd). The state got high marks for overall well-being (4^th) and crime (15^th).

50. Alaska

Alaska kept its stranglehold on the last spot with no top-half rankings in any of the categories. 

Alaska received unfavorable rankings in affordability (41^st), crime (49^th), weather (50^th), quality/cost of health care (44^th), and overall well-being (26^th).

See Bankrate’s full state ranking here.

SEE ALSO:

• 10 Most Expensive U.S. Retirement Communities
• Top 30 Middle-Class Retirement Towns in U.S. 2024
• 2024’s 10 Best Places in the World to Retire
• 10 U.S. Cities with the Highest Retirement Income
• Most Expensive Cities to Retire: Where $1 Million Isn’t Enough (And Where it Is)