To compile the rankings, Bankrate analyzed data from multiple sources, including the Tax Foundation, the Community Economic Research Council, the U.S. Census Bureau and the National Oceanic and Atmospheric Administration.
Bankrate rated all 50 states in five weighting categories.
- Affordable (40%): Includes factors such as cost of living and state and local sales tax rates
- Overall Happiness (25%): It will take into account factors such as the number of arts and entertainment venues and the number of adults 62 and older.
- Quality and cost of care (20%): Consider factors such as the number of medical institutions and medical costs
- Weather (10%): Evaluate the average annual temperature and the average number of tornadoes, earthquakes, and hurricane landfalls
- Crime (5%): Includes factors such as the number of violent and property crimes.
According to Bankrate, here are the 10 best states to retire in 2024:
Iowa, Top states for retirements last yearFlorida dropped to ninth place this year, mainly due to the rising cost of living in the state. Often considered a popular retirement destination, the state ranked eighth on Bankrate’s list for the second consecutive year.
One of the biggest potential benefits for Delaware retirees is Tax benefitsDelaware does not tax Social Security benefits, has no inheritance or estate taxes, and is one of the few states with no local or state sales taxes.
However, Delaware ranked 20th. For retirees living on a fixed income, affordability may be a consideration.
The cost of living in Delaware is about 1% higher than the national average, but it varies depending on which city you live in. According to RentCafeAccording to RentCafe, Wilmington’s cost of living is about 4% higher than the national average, while Dover’s cost of living is about 2% lower.
While the financial commitment of a location may be an important factor when choosing where to retire, it’s also important to take into account a variety of personal factors. Think about the activities you want to do in retirement, what kind of weather you prefer, and whether you want to live near family.
Want to stop worrying about money? Enroll in CNBC’s new online course Achieve financial wellness: be happier, wealthier, and more financially secureI’ll teach you the psychology of money, how to manage stress, how to create healthy habits, and simple ways to increase your savings, pay off debt, and invest in your future. Get started today and use code EARLYBIRD to get an introductory discount of 30% off through September 2, 2024.
plus, Sign up for the CNBC Make It newsletter Learn tips and tricks for success in work, money and life.
