The Best and Worst States for Retirement in 2024: Bankrate’s Comprehensive Ranking

Retiring is a significant milestone in life, and choosing where to spend your golden years is a crucial decision. It’s not just a financial choice but also a very personal one. Whether you want to be close to family, near the ocean, or in a community with a strong sense of belonging, finding the right place to retire is essential.

To help you navigate your options, Bankrate has created a comprehensive ranking of the best and worst states for retirement in 2024. By analyzing various data points for each U.S. state, such as living costs, health care expenses, overall well-being, and more, Bankrate has ranked states based on affordability, overall well-being, health care costs and quality, weather, and crime.

Affordability plays a significant role in the ranking, reflecting the challenges many Americans face with their retirement savings and the increasing cost of living across the country. Bankrate’s Retirement Savings Surveys have consistently shown that most Americans feel behind on their retirement savings, while inflation has driven up the cost of living, including housing expenses and health care costs.

In the latest ranking, Delaware, West Virginia, Georgia, South Carolina, and Missouri emerged as the top five states for retirement in 2024. On the other hand, Alaska, New York, Washington, California, and North Dakota landed at the bottom of the rankings for the best and worst states to retire.

Delaware claimed the top spot as the best state for retirees this year, followed by West Virginia, Georgia, South Carolina, and Missouri. Factors such as affordability, overall well-being, quality and cost of health care, weather, and crime were considered in the rankings.

Before making a decision on where to relocate for retirement, there are several important considerations to keep in mind. These include assessing your finances, considering the sense of community in the area, evaluating the cost of living, quality and proximity to health care, understanding tax implications, and considering the climate of the location.

Ultimately, choosing the right state for retirement involves a careful evaluation of various factors that are important to you. Whether it’s affordability, community, health care, taxes, or climate, finding the perfect place to spend your golden years is a personal decision that requires thorough research and consideration. Bankrate’s ranking can serve as a helpful guide in your retirement planning journey.