WalletHub: Best and worst states for retirement

WalletHub: Best and worst states for retirement
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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.

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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

Source: WalletHub

Best & Worst States to Retire

Overall Rank
(1=Best)
StateTotal Score‘Affordability’ Rank‘Quality of Life’ Rank‘Health Care’ Rank
1Florida65.601727
2South Dakota63.729225
3Colorado62.192694
4New Hampshire61.802539
5Virginia60.82141324
6Utah60.73161416
7Iowa60.4127810
8Wyoming60.1381236
9Pennsylvania59.9423522
10Minnesota59.884311
11Delaware59.67152817
12Wisconsin59.3230420
13Idaho58.37181931
14Arizona57.60282912
15Missouri57.60173626
16Michigan57.50291621
17Ohio57.43202728
18South Carolina57.1543937
19North Dakota56.8935216
20Texas56.8553838
21Massachusetts56.604423
22North Carolina56.42193134
23Maine55.94391014
24Kansas55.73242635
25California55.40341515
26Nebraska55.2641178
27Nevada54.96123541
28Illinois54.87382511
29Montana54.39312333
30Georgia53.48134042
31Washington53.42361832
32Alaska53.16373225
33Oklahoma53.0764243
34Indiana52.94213740
35Oregon52.21402430
36New York51.36471113
37Tennessee51.2274444
38Connecticut51.0948207
39Alabama50.8824648
40Hawaii50.6649342
41Maryland50.55423019
42Louisiana50.06104545
43Mississippi48.8735050
44Arkansas48.53114946
45New Mexico47.92334739
46New Jersey47.85453329
47Vermont47.7650623
48West Virginia47.26224149
49Rhode Island45.94464318
50Kentucky43.85324847

 

Ray Hanania

Ray Hanania is an award-winning columnist, author & former Chicago City Hall reporter (1977-1992). A veteran who served during the Vietnam War and the recipient of four SPJ Peter Lisagor Awards for column writing, Hanania writes weekly opinion columns on mainstream American & Chicagoland topics for the Southwest News-Herald, Des Plaines Valley News, the Regional News, The Reporter Newspapers, and Suburban Chicagoland.  

Hanania also writes about Middle East issues for the Arab News, and The Arab Daily News criticizing government policies in the Israeli-Palestinian conflict.

A critic of mainstream news media bias, Hanania advocates for peace & justice for Israel & Palestine, & the empowerment of Arabs in America. 

Click here to listen to Ray's Political Podcast. 

Hanania's columns are archived on his personal website at RayHanania.com. Hanania was named "Best Ethnic American Columnist" by the New America Media in November 2007, and is the 2009 recipient of the SPJ National Sigma Delta Chi Award for column writing.

Email Ray Hanania at rghanania@gmail.com.
Ray Hanania

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