10 Best States To Retire In 2020

When it comes to retirement, home sweet home isn't necessarily where you now live, but where you can afford to live. The best states to retire are those offering the best value for retirement dollars, according to WalletHub.

But before you pack your bags, make sure you’ve saved enough to live on because even in the most affordable areas of the U.S., Social Security and/or pension checks alone are not enough to cover all living expenses. For example, WalletHub says, Social Security benefits increase with inflation but they replace only about 39% of the average worker’s earnings. That makes knowing when to retire just as important as where.

By comparing 50 states across 47 key indicators of retirement-friendliness, WalletHub has analyzed which are most affordable, have the most available healthcare options and offer the best overall quality of life. Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for retirement. WalletHub then calculated each state’s weighted average across all metrics to determine its overall score and ranking.

Here, in ascending order, are WalletHub’s top-10 best states to retire in 2020.

10. Iowa

The Hawkeye State offers prospective retirees a high-quality, but not inexpensive lifestyle. Iowa ranks 7^th in quality of life and 13^th in healthcare, but 31^st in affordability. Total score: 56.70.

9. Idaho

Retirees and visitors alike come to the Gem State for scenic beauty and outdoor fun at an affordable cost. Idaho ranks 13^th in affordability and 19^th in quality of life, but 30^th in healthcare. Total Score: 56.80.

8. Wisconsin

Retire to the Badger State and you can enjoy ice fishing off Goose Island or cheering on the Green Bay Packers with other loyal Cheeseheads. Wisconsin ranks 8^th in quality of life, 22^nd in healthcare, and 24^th in affordability. Total Score: 57.16.

7. Virginia

Known as Old Dominion, Virginia is a tax haven for cost-conscious retirees. The state ranks 13^th in quality of life, 18^th in affordability and 24^th in healthcare. Total Score: 57.93.

6. Delaware

Senior living in the Diamond State is easy on the wallet for retirees. Although Delaware ranks 48^th for the fewest theaters per capita, it ranks 7^th in affordability, 18^th in healthcare, and 35^th in quality of life. Total Score: 58.10.

5. Wyoming

Known as the Cowboy State, Wyoming is also a flyfisher's paradise. While the state ranks 11^th in affordability and 12^th in quality of life, it ranks 33^rd in healthcare and 45^th in both fewest theaters per capita and highest annual cost of in-home services. Total Score: 58.17.

4. Utah

Active seniors looking to retire in the Beehive State have a lot of options for outdoor recreation. Utah ranks 15^th in affordability, 17^th in healthcare, and 18^th in quality of life. However, the state ranks 50^th in both fewest museums per capita and lowest percentage of population aged 65 and older. Total Score: 58.33.

3. New Hampshire

With no personal income tax, the Granite State is a taxpayer’s dream whether you’re retired or still working. In fact, New Hampshire ranks 4^th with the highest percentage of workforce aged 65 and older. The state ranks 27^th in affordability, 6^th in healthcare, and 4^th in quality of life. Total Score: 59.25.

2. Colorado

Retire to the Centennial State and you’ll be paying one of the lowest property taxes in the country. Despite Colorado's rank of 46^th for lowest percentage of population aged 65 and older, the state ranks 4^thfor healthcare, 11^th for quality of life, and 17^th for affordability. Total Score: 60.99.

1. Florida

If you’re a senior in search of warm weather, sunny skies and a tax-friendly retirement, then the Sunshine State fits the bill. A popular retirement destination, Florida ranks 2^nd in both afrordability and in highest percentage of population aged 65 and older, 5^th in quality of life and 26^th in healthcare. Total Score: 63.02.