Florida is longer number 1: these two locations go past the Sunshine State for this group

Retirement is not a topic to take lightly. There are many factors to consider when deciding to step away from work – from saving enough to choosing where to spend your time after years on the job. For a long time, Florida has been seen as the ideal retirement destination, but other states are now emerging as strong contenders.

What are the best states to retire to?

According to a 2024 analysis by the financial website Bankrate – based primarily on affordability, overall well-being, cost and quality of healthcare, climate, and crime rates – the top five states to retire in are Delaware, West Virginia, Georgia, South Carolina, and Missouri.

Delaware might not be the first state that comes to mind when thinking about retirement, but it offers several advantages for retirees. Among them are tax benefits – there are no state or local sales taxes, Social Security benefits are not taxed, and property taxes are relatively low.

The state also scores well for entertainment, general well-being, and climate, with earthquakes, tornadoes, and hurricanes being rare. However, the cost of living and healthcare are higher than in many other parts of the country.

Other states that offer a healthy, affordable retirement

According to seniorly.com, the ten best states for an affordable and healthy retirement are Montana, Wyoming, Alaska, Pennsylvania, South Dakota, Vermont, North Dakota, Rhode Island, Maine, and Colorado.

How much money do you need to retire in the United States?

There’s no single amount that guarantees a comfortable retirement – it depends on where you live, since the cost of living varies widely. The more comfort you seek in retirement, the more you’ll need to save. Still, some financial experts have offered estimates.

According to an analysis by the financial site GOBankingRates, the cost of retirement ranges from just over $700,000 to more than $2 million. In 15 states, retiring comfortably requires at least $1 million. The report was based on annual retirement expenses in each state, combined with the cost of living index and other factors.

The states where retirees need around $1 million include Utah, Oregon, New Hampshire, Connecticut, Rhode Island, Arizona, Maine, Washington, Vermont, New Jersey, New York, Alaska, California, and Massachusetts. Hawaii stands out as the only state where retirees need over $2 million to live comfortably.

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