Thinking about retiring and moving to a new locale?
In last week’s blog post, we talked about Forbes’ list of the top places to retire. I agreed and mentioned my desire to retire one of the top picks, Cape Coral, Florida. In June, Bankrate published a list of the best states for retirees. Surprisingly, Florida, did not score very well and was not anywhere near the top. However, Virginia ranked 5th.
Bankrate considers these six factors in determining its list:
All the above factors are extremely relevant to the comfort and happiness of a retiree when he/she relocates. The top-ranked states score high on well-being and also offer a modest cost of living (a definite plus for retirees on fixed incomes) and below-average crime rates, according to the report.
So here are the best 5 states, according to Bankrate, for you to kick back and relax after you have bid your colleagues at work adieu forever –
Wyoming does remarkably well by Bankrates’ criteria, topping their list of best states to retire. This, as opposed to Forbes’ list, where there was not even a mention of a city in Wyoming. While it may not be a very popular choice for the general public, it has certainly earned the overall top spot. Wyoming earns this spot with high marks for low crime, low taxes, and great weather. However, it ranked 32 for health care quality which would scare me away.
This may come as a bit of a surprise with its extreme weather. South Dakota does offer the second-lowest tax rate in the US, quality health care, and ranks high for community well-being.
Both Forbes and Bankrate are in agreement here. Colorado is the best place for you to go if you want to enjoy lovely, mild climatic conditions throughout the year. This is an important issue for senior citizens, as bad weather is often the root of various health-related problems.
This is another state that ranks high where healthcare, climate and community well-being are concerned. It may not be a very popular choice, but great weather and creating a quality community help the state make the top 5. Other states tend to be densely populated, and the increased demand for space and resources makes states like Florida expensive places for people with fixed incomes.
Arlington and Alexandria, Virginia often top the list of best cities to retire. The cost of living is very high but the state scores great for low crime, low taxes, great community and culture options and great quality of care. This summer’s heat may not place it high on your list but overall, the weather is pretty average when comparing to other states.
Check out Bankrate’s list of Best and worst cities. You may not be surprised to see quite a few BAWA cities listed in the top 50.