Florida is no longer the best state to retire! Maybe it’s the cost of living in Florida, or the fact that we’re full of northern transplants and tourists. Recently, WalletHub released a study that shows the best states to retire and Florida is no longer number 1.
The warm weather, beautiful beaches, and plenty of activities is not enough to keep Florida at the top of the list. It’s been a common trend for decades that retirees pack up their bags and head to the Sunshine State, but not anymore.
A lot of retirees need to consider which state their hard-earned money will go the furthest. WalletHub compared the 50 states across 47 key indicators of retirement-friendliness. Some factors they examined include: affordability, health-related factors and overall quality of life. In retrospect, some of the worst states to retire are: Kentucky, New Jersey, Mississippi, Oklahoma, and New York.
So what is the best state to retire?
According to the 2023 study from WalletHub, Virginia is the best state for retirement. Virginia’s lack of an estate or inheritance tax is a big factor why it’s number 1. Healthcare is super important for retiree’s as well, Virginia is known to have the largest number of dentists per capita and top rated generic hospitals around the state. As for things to do, the coast line offers beautiful views and there are plenty of volunteer opportunities.