More 2023 ‘Best & Worst’ States for Retirement: New Ranking has Surprising #1
Florida doesn’t top the list, while several Northeast states dot bottom 10 according to new ranking from Bank Locations
Another ranking, another different “top state for retirement”—and one we haven’t seen at the top before.
The research by the banking and credit folks at Bank Locations looked at all 50 states through 18 key metrics in three relevant categories: Cost of Retirement Living, Quality of Life, and Access to Healthcare.
Through that lens, Bank-Locations.net—which offers a free-to-use updated directory of banking information—determined that Texas—which ranked 39th in WalletHub’s 2023 ranking of the best states for retirement—is the best state for retirement in the U.S.
Each category factored in data from various agencies, including the U.S. Census Bureau, the Centers for Disease Control and Prevention, and the Council for Community and Bureau of Transportation.
Here’s the top 10, along with their rankings in each of the three main categories, followed by a list of the 10 worst states for retirement according to Bank Locations.
1. Texas: 77.11
Cost of Retired Living: 10
Access to Healthcare: 1
Quality of Life: 21
Texas, the second most populous state and the fourth fastest-growing state, tops the rankings on the Bank Locations list with a total score of 77.11. Texas ranked first for access to healthcare due to the high number of hospitals, hospital safety grades, number of senior living communities, and number of dentists.
Texas ranked 10th for cost of retired living and its quality of life score is above average, with many amenities available to seniors, including a large number of museums and state and national parks. Texas also offers favorable weather for residents consisting of warm weather and minimal rain. While the study found Texas has a low percentage of acceptable roads, the state offers a large number of airports for frequent travelers.
2. Michigan: 73.43
Cost of Retired Living: 9
Access to Healthcare: 9
Quality of Life: 18
The cold-weathered Michigan seems an odd choice for the second place, but Michigan earned top-10 rankings for affordability and access to healthcare. The state also did well in quality of life thanks to plenty of activities for retirees and low levels of crime. The cold temperatures and a small number of airports and acceptable roads contributed to the lower quality of life score.
3. Florida: 72.96
Cost of Retired Living: 20
Access to Healthcare: 2
Quality of Life: 1
Although Florida’s warm climate and lack of state income tax make it a popular retirement destination and put it at the top of many state rankings, it is not the cheapest state to spend one’s golden years. Florida came in second for access to healthcare and first for quality of life but its 20th-place ranking for cost of retired living brought down its overall ranking.
4. Georgia: 68.82
Cost of Retired Living: 6
Access to Healthcare: 13
Quality of Life: 35
For retirees considering a move to Georgia, affordability is one big selling point. The state combines a low cost of assisted living, health care spending, and a light tax burden to rank No. 6 in the cost of retired living.
Georgia ranked below average for quality of life for a number of reasons. Georgia has a small percentage of seniors 65 and older living in the state, with many facing a threat of hunger, and the air quality index is the second worst in the nation. However, the yearly temperatures are considered desirable, the acceptable roads, number of airports, and crime rate are average, and it offers residents a large number of state and national parks.
5. Tennessee: 66.72
Cost of Retired Living: 8
Access to Healthcare: 15
Quality of Life: 43
Taking fifth place, the study said Tennessee is a great option for retirees thanks to one of the lowest tax burdens in the nation, helping it rank as one of the 10 best states for the cost of retired living.
Despite ranking low in quality of life due to air quality, average life expectancy, and crime, it has the highest percentage of acceptable roads in the U.S. Additionally, Tennessee scored above average for access to healthcare as it has a large number of hospitals with a high safety grade.
6. North Carolina: 66.23
Cost of Retired Living: 17
Access to Healthcare: 5
Quality of Life: 31
North Carolina takes sixth place thanks to being one of the best in the nation for access to healthcare for retirees and ranked above average in the cost of retired living. North Carolina provides its residents with a large number of hospitals, all with high safety grades as well as low healthcare and assisted living costs.
Despite scoring below average quality of life, North Carolina offers favorable weather, a high number of airports and acceptable roads, as well as a large number of museums.
7. Utah: 66.18
Cost of Retired Living: 1
Access to Healthcare: 31
Quality of Life: 34
Utah is the best state in the nation in terms of the cost of retired living, primarily due to the low costs of healthcare spending and assisted living. While it scored below average for access to healthcare, it is one of the best states in the nation for hospital safety grades.
Utah also scored below average for quality of life, as it has a low number of adults 65 and older and the air quality is ranked as the worst in the United States. However, it has a high life expectancy, a low risk of seniors facing hunger, and a large number of state and national parks for residents.
8. Arizona: 66.02
Cost of Retired Living: 7
Access to Healthcare: 26
Quality of Life: 26
Traditionally popular retirement destination Arizona comes in at eighth place despite ranking just into in the bottom half for both quality of life and access to healthcare. Although it has a higher crime rate, the state offers retirees an affordable cost of retired living.
Arizona is one of the best states for weather and also offers its residents a high number of museums, state and national parks, and airports.
9. Idaho: 65.14
Cost of Retired Living: 5
Access to Healthcare: 35
Quality of Life: 12
Idaho boasts the lowest crime rate among the top 10 states to retire to, and offers an affordable cost of retired living options for seniors.
Idaho ranks below average for access to healthcare due to the low number of hospitals, assisted living communities, and dentists. On the contrary, it scored above average for quality of life as it has a high average life expectancy and a low percentage of adults facing the threat of hunger.
10. Missouri: 64.03
Cost of Retired Living: 11
Access to Healthcare: 18
Quality of Life: 37
Missouri is the least expensive state in the nation for the cost of assisted living, providing seniors with an affordable cost of retired living and an above-average score for access to healthcare. Although it scored below average for quality of life, it offers residents a large number of airports, museums, and state and national parks.
Next Page: 10 Worst States for Retirement
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