FINANCE
The 5 worst states to retire in 2023 in the US
A study by financial services company Bankrate assessed each state by how liveable it is for retirees and Alaska was bottom for the second year running.
Choosing where to retire is not an option for many people. A Census Bureau report from 2022 found only 6.2 percent of people over the age of 65 move in a given year.
But if you were to move in retirement, what are the options? Bankrate has been studying people’s options for each state based upon these factors, each one weighted.
- Affordability (40%)
- Well-being (25%)
- Health-care quality and cost (20%)
- Weather (10%)
- Crime (5%)
To some surprise, Iowa was announced as the most desirable state to retire in.
In its reasoning, Bankrate noted its, “vast farmlands, peaceful countryside and friendly locals, Iowa offers a unique retirement experience for many Americans seeking a more relaxed and affordable lifestyle with access to the outdoors and retirement-age communities.”
Aside from the best, it is also worth knowing the worst.
The five worst states to retire in
Alaska was declared the worst state for retirement, followed by New York, California, Washington and Massachusetts.
Alaska was particularly low due to its awful weather and low affordability. According to data gathered by the Bureau of Economic Analysis, Alaska has the sixth-highest cost of living in the country
New York was the most expensive state to live in, making it difficult for reitrees to move to the state.
California is similarly as expensive. Expensive houses are a major factor, placing it 49th place in affordability, following New York.
The highest rated states are a combination of well-being and affordability; none of these states have that. However, other factors are ignored, such as where family resides. There are myriad factors to consider before a move, whether you are young or old.