After years of hard work and service, a happy, secure and affordable retirement is only fair. So where is the best place to do it?
To decide, is important to answer key questions like how much will you spend on housing? Is the tax rate higher? What activities can you do? Will you have affordable health centers near you?
To help answer these questions, TOP Data’s team has conducted an analysis across the 50 states through 38 key metrics distributed in 5 relevant categories (Affordability, Entertainment, Healthcare, Safety, and Wellness). Keep reading to find out which is the best state to retire in!
Main Findings
Category Breakdown
Methodology
In order to determine which is the best state to retire in the U.S., TOP Data compared the 50 states across five key dimensions:
1. Affordability
2.Entertainment
3.Healthcare
4.Safety
5.Wellness
We evaluated those dimensions using 38 relevant metrics, which are listed below with their corresponding weights. Each metric was graded on a 100-point scale, with a score of 100 being the max.
Finally, we determined each state’s weighted average across all metrics to calculate its overall score and used the resulting scores to rank-order our sample.
Affordability (25 points)
Cost of living: Double Weight (4.55 points)
Note: The index of groceries, housing, utilities, transportation, health, and miscellaneous in 1Q 2022.
Inheritance tax: Half Weight (1.14 points)
Note: Inheritance rate per state.
Social Security Income Tax: Regular Weight (2.27 points)
Note: Percentage of taxes apply to social security income per state.
In-home healthcare cost: Regular Weight (2.27 points)
Note: Average cost of home care nurses per month.
Home value: Double Weight (4.55 points)
Note: Average cost of a one-bedroom house per state.
Change in home value: Regular Weight (2.27 points)
Note: Increase in home prices between 2021 and 2022.
Geriatric care cost: Regular Weight (2.27 points)
Note: Cost of geriatric care available per state.
Elderly living in poverty: Double Weight (4.55 points)
Note: Percentage of people 65 and older living in poverty.
State income taxes: Half Weight (1.14 points)
Note: Percentage of taxes state by a single filler in 2022.
Entertainment (20 points)
Museums: Regular Weight (2.50 points)
Note: Number of museums per capita.
RV Parks: Regular Weight (2.50 points)
Note: Number of RV parks, and recreational camps per capita.
Theaters: Regular Weight (2.50 points)
Note: Number of theaters per capita.
Bingo Halls: Regular Weight (2.50 points)
Note: Number of bingo halls per capita.
Golf Courses: Regular Weight (2.50 points)
Note: Number of golf courses per capita.
Restaurants: Regular Weight (2.50 points)
Note: Number of restaurants per capita.
Malls: Regular Weight (2.50 points)
Note: Number of malls per capita.
Casinos: Regular Weight (2.50 points)
Note: Number of casinos per capita.
Healthcare (25 points)
Nurses available: Double Weight (3.70 points)
Note: Number of active nurses available per 1,000 population.
Retirement houses: Double Weight (3.70 points)
Note: Number of retirement houses available for the elderly per capita.
Quality of public hospitals: Double Weight (3.70 points)
Note: Quality ranking for public hospitals.
Elderly physically active: Half Weight (0.93 points)
Note: Percentage of adults ages 65 and older who do physical activity.
Life expectancy: Regular Weight (1.85 points)
Note: Average mortality age.
Hospice care quality: Regular Weight (1.85 points)
Note: Quality of hospice care.
Geriatric providers: Double Weight (3.70 points)
Note: Number of family medicine and internal medicine geriatricians and nurse practitioners per 100,000 adults ages 65 and older.
Preventive Clinical Services: Regular Weight (1.85 points)
Note: Ranked preventive clinical services measures.
65+ uninsured rate: Regular Weight (1.85 points)
Note: Percentage of the population not covered by private or public health insurance.
Medicaid Per Capita Expenditures: Regular Weight (1.85 points)
Note: Average annual Medicaid expenditures per capita.
Safety (10 points)
Organizations and assistance services for the elderly: Regular Weight (1.67 points)
Note: Count of state government agencies and other resources dedicated to securing the safety of the elderly.
Deaths from Falls: Regular Weight (1.67 points)
Note: Number of 65+ deaths per capita due to falls.
Crimes against the elderly: Double Weight (3.33 points)
Note: Count of victims of crimes related to credit card fraud, extortion, and investment, per state.
Money lost in crimes against the elderly: Regular Weight (1.67 points)
Note: The amount of money lost by the elderly because of crimes.
Violent crimes: Regular Weight (1.67 points)
Note: Number of murders, rapes, robberies, and aggravated assaults per 100,000.
Wellness (20 points)
Air quality: Regular Weight (3.08 points)
Note: Average exposure of the general public to particulate matter of 2.5 microns or less measured in micrograms per cubic meter.
Weather mildness: Doble Weight (6.15 points)
Note: The rate of change in the climate of the highest and lowest temperatures in 2022.
Access to nature: Regular Weight (3.08 points)
Note: Percentage of state and national park coverage.
Drinking water violations: Regular Weight (3.08 points)
Note: Percentage of the population served by community water systems with a serious drinking water violation during 2021.
Non-smoking regulations: Half Weight (1.54 points)
Note: Percentage of population covered by 100% smoke-free laws for restaurants, bars, and non-hospitality workplaces.
Elderly food insecurity: Regular Weight (3.08 points)
Note: Percentage of households unable to provide adequate food for one or more household members due to a lack of resources.
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