Yahoo Finance The best and worst states for retirement
Nebraska is the number one state to retire in according to a report by Bankrate.com, followed by Iowa, Missouri, South Dakota, and Florida.
Bankrate analyst, Adrian Garcia joined Yahoo Finance’s ‘The Final Round’ to discuss the report.
“We looked at five categories for this ranking…The top two are going to be affordability and wellness,” Garcia said. “Those are the things retirees say matter to them when they’re going to move, and those two categories are why the top five did so well”.
Arizona and Florida are often noted as ideal locations for retirees, primarily because they do not tax social security benefits. Bankrate took that into account, using affordability, wellness, culture, weather, and crime as the primary categories for ranking each state, noting these are the primary concerns of retirees when they look to move.
Florida still makes the cut, ranking as the fifth best place to retire to in this report. Looking at individual categories, the Sunshine state was only second in the weather category after Hawaii and coming in at thirteenth in culture category. Bankrate also notes that nineteen percent of the population is 65 and older, putting future retirees in good company.
Florida continues to remain the state with the largest retiree population relative to the total number of residents. The net migration of retirees moving to Florida versus moving out in 2018 was 84,663 people.
Bankrate also said New York no longer holds the title as the worst state to retire in — there’s a new worst.
“Last year New York was dead last. This year it got a replacement to take it down one spot. Maryland was last…Maryland just didn’t do well across the board on those categories that matter to retirees” noted Adrian.
Bankrate found Maryland only scored 47th in affordability, 33rd in crime, 42nd in culture, 18th in weather, and 37th in wellness. Tallying these less than impressive numbers together brought the crab cake capital sinking last to place for the retiring population.
Devin Southard is a Producer at Yahoo Finance.
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