A new ranking by WalletHub has found that where retirees live can have a significant impact on their health, their quality of life and their finances.
The study focused on which states offer the best—and worst—environments for retirees, taking into account 47 data points within the three broad categories of healthcare, affordability and quality of life.
"Finding the best states to retire can be difficult without doing lots of research," WalletHub said in its report. "Even in the most affordable areas of the U.S., most retirees cannot rely on Social Security or pension checks alone to cover all of their living expenses. Social Security benefits increase with local inflation, but they replace only about 37% of the average worker’s earnings."
The report also emphasized that finding the right location for retirement is critical considering that 25% of non-retired U.S. adults haven't saved any money for retirement.
"In addition, only 40% of non-retired adults think their retirement savings are on track," the report stated.
The following are WalletHub's best states for retirement:
10. North Dakota
The state is ranked 20th for healthcare, 22nd for affordability and 25th for quality of life.
9. Idaho
The state has the third-lowest property crime rate in the nation. It also ranks 15th for affordability.
8. Minnesota
Minnesota is ranked first in the nation for its healthcare, third for life expectancy and second for quality of life. It suffers in the area of affordability, however, ranking 40th in that category.
7. South Dakota
The state has the nation's second-highest percentage of people 65 and over in the workforce. It also ranks ninth for healthcare.
6. New Hampshire
The state ranks fifth for quality of life, but 30th in affordability. It has the nation's second-lowest property crime rate.
5. Delaware
The state ranks second in taxpayer friendliness. It also ranks sixth for affordability.
4. Wyoming
The state ranks fifth for affordability, ninth for quality of life and 38th for healthcare.
3. Colorado
The state ranks fifth for healthcare, 14th for affordability and 27th for quality of life.
2. Florida
The state has the second-highest percentage of people 65 and older in the workforce. It ranks fourth for quality of life and ninth for affordability.
1. Virginia
The state ranks 11th for quality of life and healthcare and 16th for affordability.
The full report can be viewed here.
