For the second year in a row, Alaska ranks as the worst state to retire, according to a recent Bankrate study.
To determine the best and worst places to retire, Bankrate analyzed all 50 U.S. states and ranked them across five weighted categories:
- Affordability (40%)
- Well-being (25%)
- Health-care quality and cost (20%)
- Weather (10%)
- Crime (5%)
The financial services company used data from a number of sources, including the U.S. Census Bureau, the Tax Foundation and the National Oceanic and Atmospheric Administration.
In addition to ranking last overall, Alaska placed 50th in the weather category. That’s understandable: Winter temperatures can fall as low as -50 degrees Fahrenheit in some parts of the state. However, it ranked slightly higher for affordability, health care and well-being.
Despite placing 20th on last year’s list of best states to retire, New York came in 49th this year. The Empire State is well known for its high cost of living and ranked last in Bankrate’s affordability category. On the other hand, New York scored higher in the weather, health care, crime and well-being categories.
Meanwhile, California maintained its standing as the third worst state to retire. A massive housing shortage has caused living costs to rise in the Golden State, placing it 49th place in affordability, following closely behind New York.
Here are the 10 worst states to retire in 2023, according to Bankrate.
Remember, choosing a location to retire is a personal decision, and you should take a number of different factors into account, including how much you plan to spend during retirement and what kinds of activities you may be interested in pursuing. You may want to relocate closer to family or to a state with a lower cost of living if you already live somewhere expensive.
If you’re thinking about moving after you retire, experts recommend visiting your potential retirement destination and spending time there in order to get a feel for what it might be like to live there.
“Consider renting a place for six months to ensure you have a community there,” Kerry Hannon, author of “In Control at 50+: How to Succeed in the New World of Work,” advises in Bankrate’s report. “Set up your community before you take that leap.”
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