Some of the largest considerations for retirees to evaluate when deciding where to retire include affordability, safety, and activities. Retirement typically coincides with the age Americans can begin to receive Social Security or pension benefits, but Social Security benefits only replace roughly 39% of the average worker’s earnings. This makes affordability a high priority for choosing a state to retire to. WalletHub compared all 50 states across 45 key indicators of retirement-friendliness to identify the best and worst states to retire. At number one, Florida boasts strong affordability, quality of life, and average healthcare. New Jersey comes in last, with the worst affordability and lower than average quality of life and healthcare options.
Retirement might be the end of your career, but it doesn’t have to be the end of financial security or life satisfaction. Retirement generally coincides with the age at which we may receive Social Security or pension benefits. However, not everyone can retire when they want to. In fact, in 2019, 26 percent of non-retired adults had no money saved for retirement, though not necessarily through any fault of their own. Furthermore, with the financial stress Americans have faced during the COVID-19 pandemic, it’s likely that many were unable to save in 2020 as well. A recent study even found that a quarter of Americans expect to retire later than originally anticipated due to the economic impact of COVID-19.