Best and Worst States to Retire

Here Are 2018's Each year, countless workers rack their brains trying to determine whether the time is right to bring their careers to a close. But while deciding what age 
to retire is certainly important, it's just as crucial to figure out where to retire. After all, once you stop working, you'll move over to a fixed income, at which point you'll need to put more thought into how much you're spending each month.

Furthermore, since you'll have a lot of time on your hands in the absence of a full-time job, you'll probably want to live someplace that offers a decent array of local amenities and entertainment.

With all of that in mind, WalletHub recently compiled a list of the best and worst states for retirees this year. The data you're about to see is the result of various factors, including cost of living, amenities and attractions, and senior health services -- and it might actually help you land on the best state for your golden years.

Where should you retire?

There are numerous points to take into account when determining where to retire. As a starting point, however, here's how WalletHub's rankings shake out for the current year:

Overall Rank	State	Overall Rank	State
1	Florida	26	Oregon
2	Colorado	27	South Carolina
3	South Dakota	28	North Carolina
3	Iowa	29	Michigan
5	Virginia	30	Alaska
6	Wyoming	31	Illinois
7	New Hampshire	32	Indiana
8	Idaho	33	Nebraska
9	Utah	34	Connecticut
10	Arizona	35	Tennessee
11	Minnesota	36	Oklahoma
12	Wisconsin	37	Georgia
13	Montana	38	Maryland
14	Pennsylvania	39	Vermont
15	California	40	New York
16	Nevada	41	Alabama
17	Kansas	42	Hawaii
18	Missouri	43	New Mexico
19	Massachusetts	44	Louisiana
20	Ohio	45	West Virginia
21	Washington	46	Arkansas
22	Texas	47	Mississippi
23	Maine	48	Rhode Island
24	North Dakota	49	New Jersey
25	Delaware	50	Kentucky

Of course, that table speaks to the 50 states' overall rank, but as a near-retiree, you may be inclined to base your decision heavily on cost of living. The following table ranks all 50 states in terms of senior affordability alone:

Affordability Rank	State	Affordability Rank	State
1	Florida	26	Iowa
2	South Dakota	27	Kansas
3	Alabama	28	Pennsylvania
4	Wyoming	29	New Hampshire
5	Tennessee	30	Alaska
6	South Carolina	31	Oregon
7	Oklahoma	32	Wisconsin
8	Nevada	33	Michigan
9	Texas	34	Washington
10	Mississippi	35	North Dakota
11	Idaho	36	Maine
12	Missouri	37	California
13	Ohio	38	Kentucky
14	Montana	39	New Mexico
15	Delaware	40	Illinois
16	West Virginia	41	Nebraska
17	Louisiana	42	Minnesota
18	Virginia	43	Massachusetts
19	Indiana	44	Maryland
20	Arkansas	45	Connecticut
21	Arizona	46	New York
22	Utah	47	Vermont
23	Colorado	48	Rhode Island
24	Georgia	49	Hawaii
25	North Carolina	50	New Jersey

Notice that while some states, like Florida and South Dakota, align pretty well in terms of overall rank and affordability, other states sport a pretty notable gap. For example, New Hampshire ranks seventh overall yet falls into the bottom half of all states as far as cost of living goes.

Now if money is a huge sticking point (and frankly, it should be), then you'll need to pay close attention to affordability when making your decision. Remember, as a general rule, you can typically withdraw around 4% of your savings per year without running the risk of depleting your nest egg prematurely. If you're planning to retire soon, take a look at your balance and see what that 4%, plus Social Security and other sources of income you'll have access to, will provide. From there, you can research your options countrywide and see what sort of lifestyle your income will buy you.

That said, if you've saved nicely and have some breathing room, you should feel free to focus on other factors that will make for a more pleasant retirement on a whole. Take climate, for instance. You might think you're used to cold winters or scorching summers, but as you age, your tolerance for temperature extremes might start to wane. 

Similarly, think about how you're planning to get around town, keeping in mind that as you get older, the idea of driving may not hold much appeal. If you move someplace with solid public transportation and infrastructure, you might fare better than if you were to relocate to a more remote corner of the country.

Finally, keep in mind that you don't necessarily need to land on a single state. The beauty of being retired is the flexibility to spend your winters in one place and your summers in another, so if your savings allow for that leeway, you might really end up getting the best of multiple worlds.