Bankrate’s Best and Worst States for Retirement Study 2024
Bankrate’s annual Best and Worst States to Retire Study for 2024 has revealed the top five states for retirees, as well as the bottom five states to avoid when considering where to spend your golden years.
In the top spot for the best state to retire in 2024 is Delaware, followed by West Virginia, Georgia, South Carolina, and Missouri. Delaware, known as the First State, offers tax-friendly benefits for retirees, including no state or local sales tax and no tax on Social Security benefits. The state also boasts lower property taxes compared to the national average and ranks well in racial and ethnic diversity, arts and entertainment establishments, and overall well-being. However, Delaware does face challenges in terms of cost of living, crime, and healthcare costs.
West Virginia, the second-best state for retirees, excels in affordability with low living costs, property taxes, and homeowners insurance rates. However, the state struggles with the quality and cost of healthcare, making it a consideration for retirees with specific healthcare needs.
Georgia has seen a significant improvement in affordability, pushing it up to the third spot on the ranking. The state’s cost of living has decreased, and average homeowners insurance premiums have also dropped slightly. Despite these improvements, overall well-being and crime scores remain areas of concern.
South Carolina, another surprise in the top five, has improved its affordability ranking compared to the previous year. The state scored well in the weather category but faces challenges in overall well-being and quality and cost of healthcare. Crime rates are also a concern for retirees considering South Carolina.
Rounding out the top five is Missouri, which shines in affordability metrics such as cost of living and property taxes. However, the state struggles with healthcare quality, overall well-being, crime rates, and natural disaster risks.
On the flip side, the bottom five states for retirees in 2024 include Alaska, New York, Washington, California, and North Dakota. These states face challenges in affordability, healthcare quality and costs, weather conditions, and crime rates, making them less desirable options for retirees.
When considering where to retire, experts recommend evaluating factors such as finances, sense of community, cost of living, quality and cost of healthcare, taxes, and climate. Each of these considerations plays a crucial role in determining the best location for a fulfilling and sustainable retirement.
Overall, the Best and Worst States to Retire Study provides valuable insights for retirees looking to make informed decisions about where to spend their golden years.