WalletHub's report on the Best States to Retire considers affordability along with other factors that retirees care about when choosing a place to live.
What Are the Best States for Retirees in 2021?
- Affordability
- Quality of life
- Health care
Those criteria were evaluated using 45 relevant metrics and graded on a 100-point scale.
"One of my key rules is you should always rent first for six months, a year or even two years if you're thinking about relocating for retirement. If it turns out that you don't like it, at least you're not all-in owning a home that you've now got to get rid of," he says.
10 Best States for Retirees in 2021
| State | Total Score | Affordability Ranking | Quality of Life Ranking | Quality of Health Care Ranking |
|---|---|---|---|---|
| Florida | 61.09 | 4 | 6 | 28 |
| Colorado | 60.94 | 13 | 16 | 5 |
| Delaware | 58.69 | 5 | 29 | 22 |
| Virginia | 58.61 | 11 | 7 | 23 |
| North Dakota | 57.49 | 24 | 18 | 6 |
| Montana | 57.35 | 12 | 22 | 15 |
| Idaho | 57.28 | 16 | 11 | 25 |
| Utah | 57.11 | 21 | 4 | 26 |
| Minnesota | 56.33 | 37 | 3 | 2 |
| New Hampshire | 56.29 | 30 | 1 | 9 |
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See WalletHub’s complete report on 2021’s Best Places to Retire.
Final Thoughts
"Savings are key to freedom as a senior," he says."If you don't have sufficient savings then it typically means that you're going to have to keep working or you're going to have to lead a very spartan life."
Want to learn how to put away money now for later? Here's how to save for retirement in your 50s.
More Retirement Resources From Clark.com:
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