Florida has regained its status as the best state for retirees in 2024.
That’s according to WalletHub’s latest “Best and Worst States to Retire” study. In 2023, Virginia took the top spot and knocked Florida down to No. 2.
WalletHub used three main categories to rank the retirement friendliness of all 50 states:
- Affordability, which considered factors such as cost of living and tax benefits.
- Quality of life, which looked at metrics like weather and the share of the state’s population over the age of 65.
- Health care, which considered the availability of doctors and quality of public hospitals, along with other health-related metrics.
While Florida ranked first overall and No. 1 in the quality of life category, it scored lower for health care and affordability.
Since retirees may be living on a fixed income, the affordability of a potential retirement destination can be important to consider. Popular Florida cities, including the Miami-Fort Lauderdale-West Palm Beach and Tampa-St. Petersburg-Clearwater metro areas rank among WalletHub’s top 10 places hit hardest by inflation.
“Inflation basically erodes the purchasing power of money over time, potentially diminishing the value of existing retirement savings,” Karen Magruder, a licensed clinical social worker and assistant professor at University of Texas at Arlington, says in WalletHub’s report.
“Retirees need to anticipate a potentially higher cost of living due to inflation, which includes everyday expenses such as housing, health care, groceries and transportation.”
On the other hand, Florida offers a number of perks retirees may find attractive. The state doesn’t levy any income tax, which means income from Social Security and withdrawals from retirement accounts won’t be taxed at the state level.
On top of that, retirees may enjoy the state’s mostly pleasant weather and miles of shoreline.
If you prefer mountains over beaches, Colorado ranks as the second-best state for retirees, according to WalletHub. Although Colorado…
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