Ready to retire in 2023? These are the 5 states where you can live your best life
These are the best states to retire in. Can you guess which ones made the cut?
Just when we thought that warm weather and beautiful beaches are enough for a happy retirement, they’re not. Sorry Hawaii, we’re also surprised by these state-by-state rankings of the best places in the United States to retire in.
When you factor in overall well-being, affordability, cost and quality of healthcare, crime, and weather, what makes a state a retirement haven is far more complicated than it seems.
Financial services firm Bankrate scrutinized all 50 states to find out where you should be retiring. With all the nitty-gritty done for you, here are the top five states that whisper “retirement paradise” and their ranking factors.
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Our best states to retire study is out and rounding out the top 10 are… pic.twitter.com/GdO2VCS2E5
— Bankrate (@Bankrate) July 31, 2023
Iowa
Iowa is the crème de la crème of the list. The Hawkeye State in the heartland of the United States possesses serene countryside sceneries and sprawling farmlands that offer a vibrant haven for retirees.
Affordability: It’s the sixth most budget-friendly place in the US, and the housing costs are much lower
Median house price: $239,000
Why you should consider: You’ll pay less for homeowners insurance but the best things? Social security benefits are tax-free
Delaware
Photo from Visitdelaware.com
If your retirement dreams prioritize well-being, this is the place for you. A symphony of manageable taxes and top-notch healthcare serenades you to this East Coast jewel. With the state’s art scene, diversity, and culture, you’ll be exploring a vibrant community way into your 80s.
Affordability: Not to burst your bubble, but the cost of living isn’t cheap, with Delaware coming in at 31st
Median house price: $334,500
Why you should consider: You’ll bask in high-quality wellness and healthcare. In addition, you’ll rarely experience tornados, hurricanes, and earthquakes
West Virginia
Photo from History.com
An Appalachian surprise is waiting for you here. Though it might just be a small state, West Virginia is nestled in the middle of nature’s grandeur; it’s a great retreat for those who value their pennies and want a gorgeous landscape.
Affordability: West Virginia is your best bet for affordability based on its light tax and low cost of living. However, it fell short when it comes to wellness, ranking at only 26th
Median house price: $296,300
Why you should consider: It promises affordability on the retirement horizon
You may also like: The top 7 most expensive states to retire in
Missouri
Photo from Amtrak.com
While this state is a treasure trove for wallet-conscious retirees, it grapples with low healthcare quality, crime, and Mother Nature’s whims.
Affordability: The state is golden for being affordable
Median house price: $266,900
Why you should consider: Your retirement budget can flourish here, and you might even save some more
Mississippi
Photo from Adventure-life.com
Sun and sand are Mississippi’s selling points. Located right in the Sun Belt, the Magnolia State is a peaceful place for a (permanent) retreat. However, tread carefully as overall wellness and healthcare quality falter here.
Affordability: The state is an excellent refuge for the budget-conscious
Median house price: $263,400
Why you should consider: Housing prices are the cheapest of all on this list, and it has a relatively low crime rate.
As the retirement expert Kerry Hanon advises, “Don’t move necessarily for sunshine, but maybe for the healthcare costs.”
We’ll be leaving you with that to ponder on.
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