Just be prepared for cold, snowy winters. Top 10 Florida Georgia Michigan Ohio Missouri Kentucky Texas Tennessee Pennslyvania South Dakota Bottom 10 Alaska Maine California New Mexico Montana Vermont Mayland Connecticut Hawaii Washington. 3. 1 spot as the most affordable state to retire in . We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. West Virginia has the fewest museums per capita, while Mississippi has the fewest theaters per capita. Hunting and fishing are obviously popular. Just come prepared for the frigid winters and snowfall. The Villages in Florida is one of the largest retirement communities in the U.S. Fox Business Flash top headlines for January 24. Here are the 25 worst states to retire in 2022, ranked from bad to worst. WalletHub also considers it the best state for elder abuse protection, especially for its protection funding and eldercare organizations and services. Bankrate follows a strict August 31, 2022 There is one list that no state wants to be on - the one that names the worst states for retirement. Colorado #5. If you retired in 2022 or are going to retire in 2023, find details below on which state you may consider retiring in if your main source of income is from Social Security retirement, . There is no state income or estate tax. 2023 Bankrate, LLC. What is the number 1 retirement state? We pay an extra $500 per month. There is a low serious crime rate, a very high ratio of doctors per capita and good air quality. Karen, now 69, a neonatal intensive care nurse, and David, 70, an investment banker turned software CEO, turned screenwriter and producer, had long known they wanted to settle in a smaller, scenic locale. Farmland is a highly intriguing choice for long-term investors. Santa Fe has a favorable moderate natural hazard risk rating from FEMA. Elevation is 50 feet. WalletHub published a report on Monday that found the best U.S. states to retire in 2022. Aimlockbelch on Quora recommends the local eateries in the state. This center of tart cherry production 250 miles northwest of Detroit is near the famous Interlochen Center for the Arts, which hosts hundreds of yearly music performances. The top state for retirement this year leads in affordability and quality of life but lags when it comes to healthcare, according to one new ranking. Pittsfield, Massachusetts CITY POPULATION: 43,927 SHARE OF POPULATION 65+: 20.2% COST OF LIVING FOR RETIREES: 10% above the national average AVERAGE INCOME FOR POPULATION 65+: $56,620 Aside from its overall ranking, WalletHub also found how different states ranked within a few of those 47 measurements. But there is no state income tax on Social Security earnings and theres no state estate tax. Washington 50. New Jersey #2. The Kansas Bureau of Investigation says there were almost 73,500 property crimes reported in the state in 2020, and violent crime reports increased by 9.3% from the previous year. West Virginia 2. Money concerns play a big factor in those low rankings, with New York ranking as the least affordable state and New Jersey following right behind, whereas Mississippi ranks at the bottom in terms of the quality of life, according to WalletHub. Our methodology: Our editors considered a variety of factors including each state's retirement rankings from WalletHub, MoneyRates and The Motley Fool to create our proprietary index. South Dakota. Plus, theres a solid volunteering culture. Brian Beers is the managing editor for the Wealth team at Bankrate. It also has one of the lowest crime rates across the country. A downside: The serious crime rate is above the national average. Despite getting some bad press, Oregons largest city has a lot going for it. The 10 Best Places to Retire in the U.S. in 2022: 1. The states crime rate is also fairly low, according to The Motley Fool. 02-24-2023, 10:08 PM E-Twist : 5,264 posts, read 3,199,303 times Reputation: 19973. There are thousands of retirees living quite happily in certain pockets of Montana, purely for the quality of life. For example, WalletHub ranked Virginia as the best state to retire in its 2023 study, followed by Florida, Colorado, Wyoming, and Delaware. Flagstaff has a relatively high (but not very high) risk of natural hazards, according to FEMA. Should you settle down by the beach or in the mountains? With 120 nearby wineries, this quaint rural town 260 miles southeast of Seattle, boasts a surprisingly robust fine dining scene. Iowa is the best state overall for retiring. The Best States To Retire in 2022 As noted above, the best state to retire in will depend on an individual or couple's budget, lifestyle, and values. Wyoming. The state income tax rate is a flat 4.99% for 2022, but Social Security income is exempt and theres no state estate tax. 10 Tax Breaks for People Over 50. New Hampshire. Top criteria include the happiness of local residents, housing affordability, tax rates and health care quality. this post may contain references to products from our partners. Iowa has more than just endless fields of golden corn it also ranks as the best place for a retiree to live out their golden years. How much should you contribute to your 401(k)? We continually strive to provide consumers with the expert advice and tools needed to succeed throughout lifes financial journey. If youre looking for retirement-age friends, youll have a good chance of finding them in this state where 21 percent of the population is age 65 and older. The ratio of doctors per capita is high, the air quality is good, and the serious crime rate is very low. If you want a small retirement place, $100K will get you a nice two-bedroom ranch that is driving distance from an NFL stadium and an airport, writes resident Don Torrez on Quora. There is no state income or estate tax. Sarasota has a relatively high (but not very high) risk of natural hazards according to FEMA. . I semi-retired in Charleston five years ago after working full-time here since 2011. Our methodology: Our editors considered a variety of factors including each state's retirement rankings from WalletHub, MoneyRates and The Motley Fool to create our proprietary index. 7.. Southern Oregon University hosts a lifelong learning institute and allows free auditing of college classes. The Peace Garden State has one of the highest numbers of hospital beds per capita and plenty of eldercare organizations and services available to the public, according to WalletHub. Georgia is ranked high for being tax-friendly to retirees. Oregon has no sales tax but makes up for that with an income tax rate that hits 8.75% at just $18,400 of income for joint filers (with Social Security excluded) and tops out at 9.9% for taxable income above $250,000. Theres a wide variety of outdoor activities available on water and on land, including some 54 area golf courses. For example, WalletHub found that Mississippi has the lowest adjusted cost of living, while Hawaii has the highest. I am told that we have good fishing streams, and people certainly do hunt.. At an elevation of 16 feet, the area is very walkable and bikeable, with good air quality and an adequate number of physicians per capita. Social Security doesnt get taxed in the state, but other forms of retirement income can get taxed at rates as high as 7.15%, says SmartAsset. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. No more sweating work deadlines, playing office politics or struggling to stay afloat in a city with a soul-crushing commute and a punitive cost of living. The Great Arch in Zion National Park, Utah. Real estate comes pretty cheap in Indiana, plus property taxes dont amount to much either. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. The weather is great, with an average temperature of 70 degrees. BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. If youre making $100,000 in retirement income and moving to a $400,000 house, its a different scenario than if youre making $1 million and moving to a $5 million house., Ginni Field, a real estate broker in Oceanside, California, who specializes in senior buyers and sellers and holds the National Association of Realtors Senior Real Estate Specialist designation: Sometimes, people just want to get out of the snow. Elevation of 2,100 feet makes most summers non-sweltering. While our flagship annual best retirement places list identifies locales offering good retirement bang for the buck, this list seeks out value for the soul. West Virginia has the most affordable housing in the United States. Maine (20.6%) Florida (20.5%) West Virginia (19.9%) Vermont (19.4%) Montana (18.7%) Delaware (18.7%) Best Overall State for Retiring Now, let's compare. How will your income be taxed? The serious crime rate is above the national average. Virginia's average combined state and local rate of 5.75% is the 11th-lowest in the nation. Weve maintained this reputation for over four decades by demystifying the financial decision-making Theres a plethora of outdoor water and land activities, including dozens of nearby golf courses. Elevation is 2,200 feet. Missouri ranks below average for health care and crime, but its quite affordable to live in, thanks to cheap housing costs. Minnesota #5. Check out WalletHub's 10 best states for retirement to get the most out of your golden years: Sign up now: Get smarter about your money and career with our weekly newsletter, Don't miss: All $1,400 stimulus checks have been issued. Make sure its really as affordable as you thought. It ranks slightly higher than average for its quality of life and crime rates, and WalletHub says it has one of the lowest complaints of elder abuse in the country. Its interesting to see that low-tax states like South Dakota and Texas dont make the top 10, or even the top 20 states with the most millionaires. Heres what to do if you didnt get one, The worlds 10 richest people have all lost money since 2022 started except for Warren Buffett, Heres how much money Americans are aiming to save in 2022, Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. Virginia 3. Serious crime rate is higher than national average. I love the red sandstone I was able to purchase a house here for way less than I thought I would, and my wife loves it! North Carolina. Quaintly historic coastal city offers fine dining, a big arts scene, outdoor water activities and golf (with 39 courses in the area). Not everyone can afford to live on fixed incomes as prices rise. Wyoming #10. Elevation is 1,400 feet and air quality is good. Americas Dairyland is renowned for its beer and cheese but retirees tend to relocate to the state for its wide-open spaces and recreational opportunities. Gulf Coast resort 170 miles south of Tampa boasts 100 area golf courses, plus extensive shoreline for outdoor water pursuits and a big arts scene. Doctors are abundant. Do these seven things now, Why Florida is Bankrates best state for retirement in 2022, The best and worst states for driving: All 50 states, ranked, Why Georgia is Bankrates best state for retirement in 2021, One of the least populated states should be Americas hottest retirement destination heres why, California Consumer Financial Privacy Notice. The content provided on Moneywise is information to help users become financially literate. Aug 1, 2022. As it turns out, Ashland and the two other finalists in the Griffiths search, Santa Fe, N.M., and Boulder, Colo., all earned spots on Forbes new list of the 25 Best Places To Enjoy Your Retirement. [Fargo is] a cool place to live if you're into outdoors-related things. Oklahoma. Another good one is to pursue your avocational passions. It is very bikeable, although not as walkable. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. Affordability was once a big selling point for Florida retirees, but that advantage is fading. Thats the second-largest share of 65+ folks of any state, Census data shows. It's no surprise that money is such an important consideration when choosing the best place to spend your retirement years. What are index funds and how do they work? Yet, Delaware ranks second in best states to retire and the data supports it. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. The state was dragged down by back-of-the-pack scores in affordability and weather. Naples, FL 3. Nevada. At an elevation of 2,700 feet, the city is very bikeable, though not as walkable. More: How to get your retirement plan back on track. A confusing state income tax structure tops out at 4.5% on high earners but is scheduled to drop to 2.5% in future years. New Hampshire boasts picturesque towns, mountains and trails perfect for an outdoorsy retiree who prefers a quieter kind of life. New York #3. so you can trust that were putting your interests first. What a $1 million nest egg looks like in today's America . Meanwhile, for potential retirees seeking a cultural melting pot, Florida boasts solid racial diversity and a significant LGBTQ population. All Rights Reserved. The 10 Best Places to Retire in the U.S . With a raise next year of 5.9%, Nevada's Social Security recipients will get $1,614.41 per month. But recent trends may help point you in. 1 on its list for housing costs. What drew them to Ashland was the Oregon Shakespeare Festival, which stages nine months a year of productions ranging from the Tempest to modern musicals and is located just 300 yards from their home. Alabama T-3. Norfolk is up-and-coming with some amazing bars, and VB has the Oceanfront, which is a lot of fun day or night, says AquaKong35 on Reddit. "http:":"https:";if(/^\/{2}/.test(i)&&(i=r+i),window[n]&&window[n].initialized)window[n].process&&window[n].process();else if(!e.getElementById(s)){var a=e.createElement("script");a.async=1,a.id=s,a.src=i,d.parentNode.insertBefore(a,d)}}(document,0,"infogram-async","//e.infogram.com/js/dist/embed-loader-min.js"); Why should retirees pick Florida? No other states surpass their density of residents over the age of 65. I paid $189,000 under a USDA loan. Heres advice from experts who help retirees and soon-to-be-retired workers through the decision: Laura Kovacs, former director of education at the Scottsdale Area Association of Realtors in Arizona and a recent retiree herself: Spend some time in places where you want to live before you commit to moving there. The Old Dominion State ranks relatively well for quality of life and safety, and residents here experience relatively mild winters. Cheap housing costs, low crime rates and low taxes attract plenty of retirees to Kentucky. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Climate is warm but pleasant. They've built it up over the course of a few generations since air conditioning became a thing. Best places to retire. To identify the most retirement-friendly states, WalletHub researchers compared the 50 states across the key dimensions of affordability, quality of life and health care. Named for a 17th century ship captain, this Atlantic Ocean barrier island sits near 67 golf courses and affords all kinds of outdoor recreation opportunities on land and water, including hiking, fishing, kayaking and boating. John Coletti/Getty Images For retirees looking to move soon, recent data on Redfin shows there were more sales for homes in the state as of December 2022 than there was a year earlier, but the . We will have it paid off in 18 years instead of 30, and save over $38,000 in interest. Thats why a number of otherwise appealing choices, including New York City, didnt make the cut. The city is very bikeable, although not very walkable. Amid dramatic scenery, activities include skiing, hiking, climbing and biking. Its considered decently safe to live in and ranks above average for quality of life. Crime rates in the state sit relatively low as well. That number is higher in states like Connecticut, where the average person has a retirement balance of roughly $520,000. Here are the Global Retirement Index's top-10 retirement destinations for 2022. When youre still working, take some time to go preview different types of communities and different types of lifestyles. We adhere to strict standards of editorial integrity to help you make decisions with confidence. An additional 21 states don't tax military retirement pay but do have state personal income tax, which is why you might consider them the best tax-friendly states for military retirees.