With its sunny beaches and friendly tax code, Florida is the best state to retire in, according to an annual study by WalletHub. But if you’re looking for a lower cost of living and you don’t mind experiencing all four seasons, you can find excellent alternatives in Western and Midwestern states.
Using data culled from a host of sources including the U.S. Census Bureau, the U.S. Bureau of Labor Statistics, and the Centers for Disease Control and Prevention, the study assessed each state across three main weighted categories: affordability, quality of life and health care. Within these categories were 46 secondary metrics, such as share of population age 65 and older, quality of public hospitals and general tax friendliness.
Florida has sun and sand, yes. But it also has the third highest percentage of older residents and plenty for them to do. And then there’s what it doesn’t have: state income, inheritance or estate taxes.
“There’s a lot of talk in Florida now about doing away with property taxes, which would make it even more appealing to retirees,” said Chip Lupo, a WalletHub analyst, though he cautioned that high prices are spurring some retirees to look elsewhere.
Minnesota is colder and less tax friendly, but it finished in second place thanks to its stellar health care, with the highest number of facilities (including the original and largest Mayo Clinic campus) and the second most nursing homes of any state. Overall, its seniors are healthier and safer.
Colorado, with its excellent health care and lack of estate or inheritance taxes, finished third, followed by Wyoming and South Dakota. Wyoming was found to be the most affordable state and offered a high quality of life, but it finished 38th in health care, “because it’s sparsely populated and access might be a problem,” Mr. Lupo said. South Dakota scored points for its many employed seniors, a strong nursing work force and its top-ranked geriatric hospitals.
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