WalletHub: Best and worst states for retirement
A new report from WalletHub.com ranks Illinois at only 28 in terms of the best states for individuals to retire. The number one state is Florida, followed by South Dakota, Colorado, New Hampshire and Virginia. The survey measures a range of benefits including taxes, home service costs, senior percentage of population, and health care facilities per capita. Illinois averages 32 of 50 states in terms of all 8 criteria measured
Retirement might be the end of your career, but it doesn’t have to be the end of financial security or life satisfaction. Retirement generally coincides with the age at which we may receive Social Security or pension benefits. However, not everyone can retire when they want to. 25 percent of non-retired adults haven’t saved any money for retirement, though not necessarily through any fault of their own.
But in addition to when to retire, a good question to ask is where. Finding the best states to retire can be difficult without doing lots of research. Even in the most affordable areas of the U.S., most retirees cannot rely on Social Security or pension checks alone to cover all of their living expenses. Social Security benefits increase with local inflation, but they replace only about 39 percent of the average worker’s earnings.
If retirement is still a big question mark for you because of finances, consider relocating to a state that lets you keep more money in your pocket without requiring a drastic lifestyle change. To determine the best states to retire, WalletHub compared the 50 states across 46 key indicators of retirement-friendliness. Our analysis examines affordability, health-related factors and overall quality of life. Read on for our findings, insight from a panel of experts and a full description of our methodology.
A Look at Illinois
With almost 25 percent of all nonretired adults having no retirement savings or pension, the personal-finance website WalletHub today released its report on 2019’s Best States to Retire as well as accompanying videos.
To help retirees find a safe, enjoyable and wallet-friendly place to call home, WalletHub compared the 50 states across 46 key metrics. The data set ranges from adjusted cost of living to weather to quality of public hospitals.
Retiring in Illinois (1=Best; 25=Avg.)
- 21st – Adjusted Cost of Living
- 24th – Annual Cost of In-Home Services
- 50th – WalletHub ‘Taxpayer’ Ranking
- 32nd – Elderly-Friendly Labor Market
- 38th – % of Population Aged 65 & Older
- 17th – Property-Crime Rate
- 26th – Life Expectancy
- 47th – Health-Care Facilities per Capita
For the full report, please visit:
https://wallethub.com/edu/best-and-worst-states-to-retire/18592/
Main Findings
Best & Worst States to Retire
Overall Rank (1=Best) |
State | Total Score | ‘Affordability’ Rank | ‘Quality of Life’ Rank | ‘Health Care’ Rank |
---|---|---|---|---|---|
1 | Florida | 65.60 | 1 | 7 | 27 |
2 | South Dakota | 63.72 | 9 | 22 | 5 |
3 | Colorado | 62.19 | 26 | 9 | 4 |
4 | New Hampshire | 61.80 | 25 | 3 | 9 |
5 | Virginia | 60.82 | 14 | 13 | 24 |
6 | Utah | 60.73 | 16 | 14 | 16 |
7 | Iowa | 60.41 | 27 | 8 | 10 |
8 | Wyoming | 60.13 | 8 | 12 | 36 |
9 | Pennsylvania | 59.94 | 23 | 5 | 22 |
10 | Minnesota | 59.88 | 43 | 1 | 1 |
11 | Delaware | 59.67 | 15 | 28 | 17 |
12 | Wisconsin | 59.32 | 30 | 4 | 20 |
13 | Idaho | 58.37 | 18 | 19 | 31 |
14 | Arizona | 57.60 | 28 | 29 | 12 |
15 | Missouri | 57.60 | 17 | 36 | 26 |
16 | Michigan | 57.50 | 29 | 16 | 21 |
17 | Ohio | 57.43 | 20 | 27 | 28 |
18 | South Carolina | 57.15 | 4 | 39 | 37 |
19 | North Dakota | 56.89 | 35 | 21 | 6 |
20 | Texas | 56.85 | 5 | 38 | 38 |
21 | Massachusetts | 56.60 | 44 | 2 | 3 |
22 | North Carolina | 56.42 | 19 | 31 | 34 |
23 | Maine | 55.94 | 39 | 10 | 14 |
24 | Kansas | 55.73 | 24 | 26 | 35 |
25 | California | 55.40 | 34 | 15 | 15 |
26 | Nebraska | 55.26 | 41 | 17 | 8 |
27 | Nevada | 54.96 | 12 | 35 | 41 |
28 | Illinois | 54.87 | 38 | 25 | 11 |
29 | Montana | 54.39 | 31 | 23 | 33 |
30 | Georgia | 53.48 | 13 | 40 | 42 |
31 | Washington | 53.42 | 36 | 18 | 32 |
32 | Alaska | 53.16 | 37 | 32 | 25 |
33 | Oklahoma | 53.07 | 6 | 42 | 43 |
34 | Indiana | 52.94 | 21 | 37 | 40 |
35 | Oregon | 52.21 | 40 | 24 | 30 |
36 | New York | 51.36 | 47 | 11 | 13 |
37 | Tennessee | 51.22 | 7 | 44 | 44 |
38 | Connecticut | 51.09 | 48 | 20 | 7 |
39 | Alabama | 50.88 | 2 | 46 | 48 |
40 | Hawaii | 50.66 | 49 | 34 | 2 |
41 | Maryland | 50.55 | 42 | 30 | 19 |
42 | Louisiana | 50.06 | 10 | 45 | 45 |
43 | Mississippi | 48.87 | 3 | 50 | 50 |
44 | Arkansas | 48.53 | 11 | 49 | 46 |
45 | New Mexico | 47.92 | 33 | 47 | 39 |
46 | New Jersey | 47.85 | 45 | 33 | 29 |
47 | Vermont | 47.76 | 50 | 6 | 23 |
48 | West Virginia | 47.26 | 22 | 41 | 49 |
49 | Rhode Island | 45.94 | 46 | 43 | 18 |
50 | Kentucky | 43.85 | 32 | 48 | 47 |
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