Some seniors make a big mistake by retiring to a state beyond their means, according to WalletHub, a personal finance website.
Even worse, there are seniors retiring to these states on just a Social Security check or pension. WalletHub says neither is sufficient to cover all living expenses even in the most affordable areas of the U.S., let alone the nation's most expensive retirement destinations.
WalletHub compared 50 states across 47 key indicators to determine which are the least affordable, have the least available healthcare options or offer the worst overall quality of life on a fixed income.
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 used the resulting scores to rank its 50-state sample.
Here, in ascending order, are WalletHub’s top 10 worst states to retire to in 2020.
10. Louisiana
Come to Louisiana for Mardi Gras, jazz and Cajun cuisine, but not to retire there. While Louisiana ranks 10th in affordability, it ranks 43rd in healthcare, 44thin quality of life and 47th in lowest life expectancy. Total Score: 48.29
9. New York
You can tour the Big Apple without retiring to the Empire State. New York ranks first with most theaters and museums per capita, fifth for highest life expectancy and ninth in quality of life, but it ranks 50th in affordability. Total Score: 47.57
8. Mississippi
You'll be singing the blues if you retire to Mississippi. Although the state ranks first in lowest cost of living and fifth in affordability, it ranks 47th in healthcare, 49th in quality of life and 50th in lowest life expectancy. Total Score: 47.25
7. Arkansas
You don't have to retire to Arkansas to relax and recharge at the state's Hot Springs National Park. Arkansas ranks ninth in affordability, but 46th with fewest museums per capita, 45th in healthcare and 50th in quality of life. Total Score: 47.21
6. Tennessee
Tennessee is known as the home of country music, but don’t retire there just because you’re a fan. The state ranks fourth in lowest adjusted cost of living and 14th in affordability, but 46th in healthcare and 48th in quality of life. Total Score: 45.83
5. West Virginia
The Mountain State is famous for scenic beauty, just don’t retire there to enjoy it. West Virginia ranks third with highest percentage of population aged 65 and older and ninth in affordability, but 40th in quality of life and 50th in healthcare. Total Score: 45.38
4. New Jersey
Spend the summer on the Jersey Shore, but don’t retire to the Garden State the rest of the year. New Jersey ranks fifth for lowest property-crime rate, but 23rd in healthcare, 31st in quality of life and 48th in affordability. Total Score: 45.06
3. Rhode Island
America’s smallest-sized state has a wealth of fun things to see and do, but not if you end up in the poor house by retiring there. Rhode Island ranks 25th in healthcare, 38th in quality of life and 47th in affordability. Total Score: 43.49
2. New Mexico
Known as “The Land of Enchantment,” New Mexico boasts breathtaking views, colorful scenery and vibrant culture, but its no bargain for retirees. New Mexico ranks 37th in affordability, 38th in healthcare, 45th in quality of life and 50th in highest property-crime rate. Total Score: 43.33
1. Kentucky
In May, the Kentucky Derby kicks off horseracing’s annual triple crown, and celebrities flock to the event. You can, too, without retiring to the Bluegrass State. Kentucky ranks 32nd in affordability, 46th in quality of life and 48th in healthcare. Total Score: 41.89