Which are the Best and Worst States for Retirement?

By  USDR

Florida and Hawaii may be dream retirement spots for some, but Wyoming is actually the best state for retirees, according to new research from Bankrate.com. The worst state for retirees is  Arkansas.

Bankrate.com ranked all 50 states according to several factors. They included local weather, cost of living, crime rate, health care quality, tax burden and senior well-being (a measurement from the Gallup-Healthways Well-Being Index that quantifies how satisfied residents 65 and older are with their surroundings). Each factor was weighted according to a national survey on what people value in  retirement.

Wyoming came out on top for its low cost of living, low crime rate and low tax burden. Other states that round out the top 10 best states to retire are Colorado, Utah, Idaho, Virginia, Iowa, Montana, South Dakota, Arizona and  Nebraska.

The survey used in Bankrate’s ranking also asked Americans which factors are most important to them when thinking of where to live in  retirement.

  • 3 in 5 Americans want to spend their golden years in another city or state, but the desire to move away from home fades with age.
  • 24% say being close to family is the most important factor in deciding where to retire.
  • Women value a cheap cost of living more highly than men (59% vs. 43%).
  • 4 in 10 Americans say locales with access to mountains, rivers and other outdoor recreation would be most appealing, while 25% prefer living near a beach.

“There are many factors retirees should consider before deciding where to put down their roots,” said Bankrate.com research and statistics analyst Chris Kahn. “Warm weather may be an initial draw, but all the sunny days in the world won’t make you happy if you’re constantly stretching your budget or don’t have access to quality health  care.”

While Arkansas may have a low cost of living and plenty of outdoor recreation, the state received below-average marks for weather, crime, health care, taxes and well-being. Other states that ranked at the bottom include New York, Alaska, West Virginia, Louisiana,New Jersey, Hawaii, Kentucky, Missouri and  Oregon.

“Deciding where to live in the golden years is still a very personal decision,” said Kahn. “This list is meant to help inform, rather than choose a state for you. For example, if you want to retire on the beach and need top-notch health care, this can help narrow down your  choices.”

The full list can be seen in its entirety  here:

http://www.bankrate.com/finance/retirement/best-places-retire-how-state-ranks.aspx

Methodology:
The 2015 ranking is based on Bankrate.com’s most extensive statistical analysis yet. In addition to the statistics on cost of living, crime rate, weather and health care quality, Bankrate included a special set of data on personal wellness among the 65-plus population. Finally, for the first time, Bankrate allowed popular opinion to weigh in. Bankrate partnered with Princeton Survey Research Associates International (PSRAI) to track which factors were important to  Americans.

PSRAI obtained telephone interviews with a nationally representative sample of 1,001 adults living in the continental United States. Interviews were conducted by landline (500) and cell phone (501, including 306 without a landline phone) in English and Spanish by Princeton Data Source from December 11-14, 2014. Statistical results are weighted to correct known demographic discrepancies. The margin of sampling error for the complete set of weighted data is plus or minus 3.5 percentage  points.

Sources:
Crime rates came from the  FBI

Weather statistics (rates of sunshine, humidity and temperature) from the National Oceanic and Atmospheric  Administration

Health care quality statistics came from the U.S. Department of Health and Human Services’ Agency for Healthcare Quality and  Research

Calculations of state tax rates from the Tax  Foundation

Cost of living stats came from the Council for Community and Economic  Research

Well-being scores came from Gallup-Healthways Well-Being Index, an extensive year-round survey that helps measure residents’ general happiness with their surroundings. The survey asks a variety of questions such as whether people think their community is “getting better or getting worse,” and “did you smile or laugh a lot  yesterday?”

All opinions expressed on USDR are those of the author and not necessarily those of US Daily Review.