New York or California aren't ranked first among the top ten states in the country to retire in
The worst state to retire to in the United States is the largest, even as the finest state is also among the smallest.
According to Bankrate's analysis of the top states to retire in 2024, Alaska is the worst place in the union to retire for the third consecutive year.
Bankrate assessed all 50 states on five weighted factors to create its ranking of the greatest and worst places to retire in the United States:
Affordability (40%): Examines elements such average annual property taxes, cost of living, and local and state sales taxes.
General well-being (25%): includes elements including the proportion of adults over 62 per 100,000 inhabitants, the availability of food, and access to medical care.
Health care costs and quality (20%): examines elements like the efficiency of each state's health system and the cost of healthcare at the state level.
Climate (10%): Analyzes information on variables such the average yearly temperature of a state, the typical frequency of earthquakes, hurricane landfalls, and tornado strikes.
Crime (5%): Considers variables like the number of violent and property crimes per 100,000 people.
According to Bankrate, these are the ten worst states in which to retire.
1.Alaska2.New York3.Washington4.California5.N Dakota6.Massachusetts7.Colorado8.Maryland9.Texas10.Minnesota
Interestingly, Alaska comes in bottom for weather. Alaska experiences a wide range of summer temperatures, from 45 to 75 degrees Fahrenheit, and winter lows of as low as -10 degrees.Living in Alaska can be costly, particularly for retirees on a fixed income.
According to RentCafe, Alaska has a cost of living that is, on average, almost 30% greater than the national average. Utilities and health care expenditures are over 50% higher than the national average, and housing costs are roughly 17% higher.
Positively, retirees may find Alaska to be a very tax-friendly state. The state does not impose income taxes, estate taxes, inheritance taxes, or taxes on pension payments or Social Security retirement benefits.
