Those entering retirement age in the next few years may have more to think about than previous generations, as economic uncertainty and a rise in healthcare costs are putting a squeeze on wallets and consumer confidence.
Seniorly recently ranked the best and worst states to retire based on nine metrics spread across three categories: affordability, quality of life, and healthcare. They used a Z-score, or standard normal distribution, to scale each metric relative to the mean across all 50 states and Washington, D.C. and then calculated an overall ranking by determining the average score across all metrics for each state.
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Washington, D.C., rose to the top as the best place to retire. The nation's capital had a high availability of doctors, good long-term care spending through Medicaid and a large amount of recreational opportunities such as golf courses, museums, theaters, and sports arenas.
Top states also include Montana and Wyoming. Montana ranked at the top for best quality of life for seniors. Wyoming does not levy an individual income tax.
New Jersey is the worst state to retire. The Garden State has a high cost of living, and ranks towards the middle of other factors, including the size of its older community, its Supplemental Security Income payment, and the availability of arts and recreational facilities.
Other states at the bottom include Alabama and Kansas. Alabama ranks low in healthcare. Kansas ranks low in quality of life, as well as healthcare.
Read more about the best and worst states to retire.
Best states to retire
State
| Ranking
|
Maine
| 10
|
Rhode Island
| 9
|
North Dakota
| 8
|
Vermont
| 7
|
South Dakota
| 6
|
Pennsylvania
| 5
|
Alaska
| 4
|
Wyoming
| 3
|
Montana
| 2
|
District of Columbia
| 1
|
Worst states to retire
State
| Ranking
|
New Jersey
| 51
|
Alabama
| 50
|
Kansas
| 49
|
Georgia
| 48
|
Oklahoma
| 47
|
Mississippi
| 46
|
Massachusetts
| 45
|
South Carolina
| 44
|
Texas
| 43
|
Arizona
| 42
|