Utah Ranks 2 With the Most Retirement Potential

You’ve retired. You received your gold watch, claimed Social Security and  

begun to plan that oft-delayed trip of a lifetime. You’re ready to take in nature’s splendor by the water.

Where, though, should you enjoy your repose: Hilton Head, South Carolina? Jekyll Island, Georgia? Maui?

Try Falls Park in Sioux Falls, South Dakota.

The Mount Rushmore State is the best state to retire, according to a new Bankrate study, followed by Utah, Idaho, New Hampshire and Florida. 

New York, meanwhile, makes life hardest on those who recently escaped the daily grind. Even well-trod retirement destinations Arizona and New Mexico finished in the bottom half of our ranking.

When it comes to what makes for a happy retirement, conventional wisdom often bumps up against reality.

The best of the rest

• Utah: Second-place Utah tracked with South Dakota in most categories, albeit slightly behind. For instance, the Beehive State finished six spots behind South Dakota for cost of living, one for overall crime rate, eight for well-being, six for taxes and five for cultural vitality. It won out for health value by two and weather by six.

• Idaho: Third-place Idaho is both more affordable and significantly safer than the top two states, while also posting a superior health score and a top-10 well-being ranking. The Gem State, unfortunately, has a much higher tax burden and ranked poorly for cultural options.

• New Hampshire: Fourth-place New Hampshire, the safest place to live, also provides excellent health care to its residents, low taxes and things to do. Granite State residents, however, are burdened by a high cost of living — 43 out of 50 — and cold weather.

• Florida: The last bit isn’t a problem for fifth-place Florida, where residents enjoy an average annual temperature of 70 degrees, making trips to beaches in Clearwater and Miami paradisiacal. The Sunshine State, another low tax haven, ranks just outside the top 10 in well-being. Every other metric, though, finished middle-of-the-pack, with health care value placing 36th, a major concern for retirees who will spend an average of $280,000 on health care costs — not counting long-term care — in their golden years.

Methodology

To construct our ranking, Bankrate looked at seven relevant features in the life of a retiree and used government and expert sources to compare states against one another. We then weighted those rankings based on the importance given to them by respondents to a 2017 Bankrate survey, which found that 47 percent of Americans would consider moving when they retire.

The study examined seven categories (weightings in parentheses): cost of living (20%), taxes (20%), health care quality (15%), weather (15%), crime (10%), cultural vitality (10%) and well-being (10%). Sources: Agency for Healthcare Research and Quality, The Council for Community and Economic Research, Federal Bureau of Investigation, Gallup-Sharecare, National Oceanic and Atmospheric Administration, Tax Foundation, University of Hawaii at Manoa, Western States Arts Federation.

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source: “These Are the Best and Worst States for Retirement,” Bankrate.com (July 12, 2018)