(iStock). The ratio of doctors per capita is high, the air quality is good, and the serious crime rate is very low. The town is somewhat bikeable, but not all that walkable. Melbourne, FL 5. Minnesota Best State vs. 5 of the best states to retire in. Virginia 3. I cover personal finance, taxes, retirement, nonprofits, scandals and other stuff, Best Places To Retire In 2022: Sioux Falls And Other Hot Spots, Why Millennials, Gen X & Retiring Boomers Need To Find Their Happy Place, How To Find The Best Place To Enjoy Your Retirement In 2022. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. Homes and rent are expensive downtown, and people often look for a home or rental off the peninsula (the traditional city of Charleston), writes Patrick Jones on Quora. According to the report, South Dakota has the highest percentage of the workforce age 65 and older, while West Virginia has the lowest. We placed the heaviest weighting on affordability. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. 1. A surprisingly mild climate in Idaho's capital city is conducive to outdoor activities, while Boise State University offers discounted tuition for seniors. Delaware #6. Ohio ranks better than average for quality of life, but drops in its health care ranking. Crime rates in the state sit relatively low as well. In fact, the two top states in WalletHub's rankings, Florida and Virginia, are both among the 10 most affordable states in the U.S. At an elevation of 40 feet, Annapolis is also a somewhat walkable and very bikeable town with good air quality, and a surprisingly low natural hazards risk. Maine (20.6%) Florida (20.5%) West Virginia (19.9%) Vermont (19.4%) Montana (18.7%) Delaware (18.7%) Best Overall State for Retiring Now, let's compare. According to Bankrate's study, Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri. The serious crime rate is above the national average. Idaho Idaho solidifies its ranking as a top retirement state by offering many tax breaks for seniors. You have money questions. Aside from its overall ranking, WalletHub also found how different states ranked within a few of those 47 measurements. Georgia, Michigan, Ohio and Missouri all made the top five best states for retirement. A low cost of living is a priority for some, while being close to family takes precedence for others regardless of the cost. The 10 Bestand Most AffordablePlaces To Retire in America, 2022 Edition. The city is very bikeable, but not so walkable. The College of Charleston exempts senior citizens from tuition. Here are the seven most affordable states to retire, according to Bankrate: Michigan Tennessee Missouri Mississippi Kentucky Oklahoma Georgia Despite its top ranking in affordability, Michigan. Idahos considered one of the safest states to live in, thanks to its low crime rate, and has one of the lowest average monthly health insurance premiums in the country, according to WalletHub. Getting older has its benefits. The Best States To Retire in 2022 As noted above, the best state to retire in will depend on an individual or couple's budget, lifestyle, and values. Should you settle down by the beach or in the mountains? What is the number 1 retirement state? Missouri ranks below average for health care and crime, but its quite affordable to live in, thanks to cheap housing costs. I love the red sandstone I was able to purchase a house here for way less than I thought I would, and my wife loves it! Elevation is 2,200 feet. Alaska did rank first in one subcategory its residents bear the nations lowest tax burden. GET FOX BUSINESS ON THE GO BY CLICKING HERE. Here's a look at the Best Places. Another: A 6.5% state income tax kicks in for couples at just $16,040 of taxable income. Surrounded by water, most notably the Chesapeake Bay, this quaint state capital 30 miles east of Washington, D.C., is a mecca for sailors, powerboaters, kayakers and fishermen, with about a dozen boating schools and a generally comfortable climate. Sponsored: Add $1.7 million to your retirement. And when youve retired, maybe try renting for a while before you commit to buying., Clark Kendall, CFP, CFA, is president of Kendall Capital Management in Rockville, Maryland, and author of Middle-Class Millionaire: Family is the biggest consideration. FEMA rates the natural hazard risk in Walla Walla as relatively low. These are the most affordable states to retire to, based on the adjusted cost of living, tax friendliness and the cost of care services. Elevation is 1,400 feet and air quality is good. I paid $189,000 under a USDA loan. . Despite getting some bad press, Oregons largest city has a lot going for it. Those who are able to travel tend to find good excuses to head south during parts of the winter Having said that, many retirees enjoy winter activities, including alpine and cross-country skiing, snowshoeing, snowmobiling and ice fishing, writes resident Tom Britz on Quora. As a resident of Delaware who is looking to retire in five years, I can personally state that I will be retiring in the state of Delaware because it is centrally located between major cities and modes of transportation and the cost of living will work well with our retirement funds, writes Antionette Blake on Quora. Nothing too crazy to worry about like earthquakes or hurricanes or dangerous wildlife, says DChristy87 on Reddit. All of our content is authored by Colorado ranks fourth in the United Health Foundation's senior health rankings, with particularly high marks in clinical care and positive behaviors. For example, WalletHub found that Mississippi has the lowest adjusted cost of living, while Hawaii has the highest. By Sara Ventiera. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. Nestled on Floridas Gulf Coast along Tampa Bay, this port city has a big restaurant scene, lots of water activities and 80 golf courses in the area. Asheville is at moderate risk for natural hazards. Alaska, on the other hand, held last place in our ranking. With an elevation of 50 feet, the city is very walkable and bikeable. WalletHub also considers it the best state for elder abuse protection, especially for its protection funding and eldercare organizations and services. West Virginia has the most affordable housing in the United States. A stiff 7% state income tax kicks in at $16,040 of taxable income, but there is no state income tax on Social Security earnings and theres a state income tax break for pension income. According to Bankrate's study, Florida is the best state for retirement in 2022, followed by Georgia, Michigan, Ohio and Missouri. The capital of Texas hits all the leisure passions we rate. While we adhere to strict Kansas received middling scores for affordability and health care but watch out for its higher-than-average crime rates. Connecticut: 6.99% on incomes over $500,000 ($1 million for married filers of joint returns) Nebraska: 6.84% on income over $32,210 ($64,430 for married filers of joint returns) West Virginia: 6.5% on income over $60,000 (for both single filers and married filers of joint returns) ), Experts: How to pick your best state to retire, Full results: How your state ranks for retirement. What a $1 million nest egg looks like in today's America . Distilleries and breweries are good too if you like to drink! writes Redditor BlackRoseRedApple. The . Because of all the tourists there is a lot to do in the summer in terms of restaurants, musical performances, theater and outdoor activities.. Quotes displayed in real-time or delayed by at least 15 minutes. The state was dragged down by back-of-the-pack scores in affordability and weather. When youre still working, take some time to go preview different types of communities and different types of lifestyles. To help Americans find the best cities to spend their golden years, WalletHub compared the retirement-friendliness of 182 cities including the 150 most populated U.S. cities, plus at least two of the most populated cities in each state across four key dimensions: 1) Affordability, 2) Activities, 3) Quality of Life and 4) Health Care. Indiana. Temperatures can plummet to an average low of 2 degrees Fahrenheit in Glasgow and 22 degrees Fahrenheit in Flathead Lake in the month of January, according to climate and forecast site Weather Atlas. I save money spending $2,633/month living in South Africa, How this 39-year-old earns $26,000 a year in California. Pittsfield, Massachusetts CITY POPULATION: 43,927 SHARE OF POPULATION 65+: 20.2% COST OF LIVING FOR RETIREES: 10% above the national average AVERAGE INCOME FOR POPULATION 65+: $56,620 The Show Me State doesnt exactly brag about its potential as a retirement destination, but it has its appeal for someone on a fixed income whos looking for a place with a low cost of living. However, you will need to contend with high property taxes and an inheritance tax, and your retirement income wont be exempt from taxation either. Dont like where youre at? Theres a plethora of outdoor water and land activities, including dozens of nearby golf courses. Weve got the normal entertainment youd find everywhere and we get pretty decent Broadway tours if youre into that. It bristles with dozens of art galleries, fine restaurants and museums, plus world-class skiing and other outdoor land activities. 5. Missouri #8. City is very bikeable but not so walkable. Forbes says the city of Fargo has appeared on its Best Places to Retire list for 10 years in a row due to its cost of living, doctors per capita and walkability. With frontage on an inlet of Lake Michigan, Traverse City also offers water sports, more than 30 area golf courses and a reputation as a top dining town. Delaware 5. The city is very bikeable and somewhat walkable. Among the downsides: Austin has a relatively high (but not very high) risk for natural hazards and a serious crime rate above the national average. West Virginia 2. Elevation is 50 feet. Bankrate follows a strict We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. It only takes 3 minutes to connect with an advisor who puts you first. Are you confident in your retirement savings? Iowa is the best state overall for retiring. No other states surpass their density of residents over the age of 65. To that end, Forbes has identified 25 top places to follow seven leisure interests in retirement: arts/culture, fine dining, lifelong learning, volunteering, outdoor activities on water, outdoor activities on land, and a special subset, golf. This haven for foodies has a big arts/culture scene, more than 60 area golf courses, lots of other outdoors activities, a culture of volunteering and free senior citizen auditing of classes at Portland State University. The state includes plenty of recreational opportunities for seniors, according to resident Torrey Stephen Whitman on Quora. Residing in a state comes with tax implications, making it difficult to find the best state to retire in. The Villages in Florida is one of the largest retirement communities in the U.S. (iStock). Move over, Florida. Florida 2. Do these seven things now, Why Florida is Bankrates best state for retirement in 2022, The best and worst states for driving: All 50 states, ranked, Why Georgia is Bankrates best state for retirement in 2021, One of the least populated states should be Americas hottest retirement destination heres why, California Consumer Financial Privacy Notice. There is no state income tax, but there is a stiff state estate tax. South Carolina 5. 3. Tallahassee, Florida, is pictured. Heres advice from experts who help retirees and soon-to-be-retired workers through the decision: Laura Kovacs, former director of education at the Scottsdale Area Association of Realtors in Arizona and a recent retiree herself: Spend some time in places where you want to live before you commit to moving there. Housing is relatively cheap and Zillow places the median home value in the state at just around $225,500. Those are deeply personal questions. Market data provided byFactset. If you love the outdoors, you can settle down by the sea and take part in sailing, surfing and fishing Rhode Islands coastline stretches for 400 miles.