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Planning Your Golden Years: What’s the Ideal State for Retirement?

August 16, 2023

Regarding retirement planning, our team at IM Wealth Partners knows that choosing the right location can make all the difference. Whether you prioritize affordability, health care, or quality of life, finding the right state to spend your golden years can profoundly impact your retirement experience.

Recently, a study by Bankrate evaluated all 50 U.S. states based on critical factors essential for retirees. Here's how the study broke down:

  • Affordability: 40% of the score, considering the cost of living and housing.
  • Health Care Quality and Cost: 20% of the score, focusing on access and pricing.
  • Well-Being: 25%, including recreational opportunities and the percentage of older adults.
  • Weather: 10%, considering temperature and climate.
  • Crime Rate: 5% of the score.

The Top Picks: Unexpected Winners

Surprisingly, warm weather isn't everything! Iowa took the top spot, excelling in affordability and health care. Following closely were Delaware, known for happiness and well-being, and West Virginia, ranked the most affordable U.S. state.

Even states like Missouri and Mississippi made it to the top with affordable living and favorable weather. Interestingly, the popular retirement destination of Florida finished only eighth overall.

The Not-So-Great Choices: Challenges Ahead

On the other end of the spectrum, states like Massachusetts, Washington, California, New York, and Alaska ranked bottom due to low affordability, harsh weather, or crime rate.

Personalize Your Journey

Remember, these rankings are general and may not reflect your priorities. At IM Wealth Partners, we understand that your journey is personal. What might be a perfect destination for one retiree could be less suitable for another.

If you're considering a move in retirement or want to understand how your current location might influence your financial plans, let's connect. Our expert team can help you explore the options and make choices aligned with your goals and values.