A new report reveals the best and worst states for Americans to retire.
Bankrate, a New York City-based company, assessed all 50 states based on data points to determine where people will spend their retirement years.
Factors include cost of living, healthcare costs, crime and overall well-being.
“The reality is that most Americans feel they are behind on their retirement savings, which means ability to pay is crucial,” Bankrate analyst Alex Gary told FOX Business in an email.
“Relocating to a more affordable location could be an effective way for prospective retirees to put their retirement savings to good use in this economy.”
“If you’re behind on your savings and only have a few years until retirement, now is the time to catch up,” Gary added.
Below are Bankrate’s top five best states to retire in, followed by the worst.
Best states for Americans to retire
1. Delaware
Gary said Delaware topped Iowa in this year’s rankings of the best and worst states to retire in.
“Although Delaware is one of the most expensive states to live in, quality health care, low taxes, affordable home insurance and great weather are what propelled it to the top spot this year,” she said.
“Delaware also ranks highly for diversity, health and culture, and has a high percentage of residents over the age of 62 relative to its population.”
2. West Virginia
While the state was ranked the best in terms of health care affordability, Bankrate noted it was the worst in terms of quality and cost of care.
3. Georgia
Bankrate moved up from 15th place last year, citing that housing in Georgia has become much more affordable.
4. South Carolina
The Palmetto State received high scores in the weather category, ranked midway in overall happiness and the quality and cost of health care, and also experienced a decline in crime, according to the report.
5. Missouri
Missouri ranks highly for its affordability, cost of living and property taxes.
But Bankrate said the Midwestern state struggles with quality of health care, overall health, crime and natural disasters.
The worst states for Americans to retire
According to Bankrate, the worst states to retire in are North Dakota, California, Washington, New York and Alaska.
Alaska ranked last for the second year in a row.
According to Bankrate, the report noted that “scores for health care, affordability, quality, cost, weather and crime lag.”
For those considering relocating anywhere in the U.S. after retirement, Bankrate advises you to consider the following:
- Your financial situation
- A sense of community where you can meet new people
- Cost of living
- Quality, cost and proximity to care
- tax
- climate
