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- Delaware tops Bankrate's best states to retire in 2024, followed by West Virginia and Georgia.
- The ranking considers affordability, well-being, healthcare, weather, and crime.
- High costs hurt Alaska, New York, and Washington, while Midwest and South states dominate the top 10.
President Joe Biden may soon have some more company when he retires to Delaware.
A Bankrate analysis of each state's affordability, well-being, cost and quality of healthcare, weather, and crime determined that Delaware was the best state to retire in 2024, followed by West Virginia and Georgia. Alaska, New York, and Washington ranked at the bottom. Forty percent of the weight was on affordability, while 25% was on overall well-being.
For the second year in a row, the top five states for retirement are in the Midwest and South, while the bottom five are in the Northeast and West.
Delaware, which ranked second last year, took the top spot this year. It has lower property taxes than the national average and doesn't have a state or local sales tax. The state also doesn't tax Social Security benefits, and it has a higher share of residents at retirement age than most states. Despite higher prices for housing and healthcare than much of the country, the state ranks highly for diversity, climate, and insurance affordability.
West Virginia ranked highly for its low cost of living and low property taxes. However, it was last in cost and quality of healthcare, while it ranked in the middle for general wellness.
Georgia rose from 15th last year to third this year as living costs declined and healthcare access improved, despite still-low metrics for well-being and crime. South Carolina jumped from 19th to fourth this year, ranking high for affordability and weather.
Florida, known as a retirement haven, ranked eighth, as the state has no income tax and sunnier weather but high homeowners' insurance.
At the bottom of the ranking, high prices continued to hurt Alaska, ranking last two years in a row with high healthcare costs and unfavorable weather. New York, Washington, and California all had quality healthcare, though affordability crises have made it difficult for many to retire comfortably.
Over the last few months, many older Americans have told Business Insider they're nervous about their retirement, noting they've fallen behind on their savings. Some have relocated to cheaper states or countries to enjoy their retirement better, while others said they won't be able to retire for years.
Others have had to shift their retirement plans due to inflation or job loss, including taking part-time jobs like driving for Uber. This has included delaying claiming Social Security benefits, which increase by 8% each delayed year until 70.
Have you recently moved to a new state for your retirement? Are you worried about retiring comfortably? Reach out to this reporter at nsheidlower@businessinsider.com.
from All Content from Business Insider https://www.businessinsider.com/best-worst-states-retire-2024-florida-weather-delaware-west-virginia-2024-8
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