When it comes to retirement living, no state is perfect. But a new study by the MoneyRates personal finance website identifies those with the best overall quality of life for retirees.
The website released a ranking of states that assessed quality of life for retirees based on a number of factors, including economic conditions, crime and safety, lifestyles and health-care services.
"Most states have both good points and bad points when it comes to retirement conditions," the report said. "That's why MoneyRates.com came up with a methodology that takes into account several different factors and then takes into account the trade-offs between those factors."
The following states, in ascending order, were deemed the best for retirement by the report. The listings also include where the states ranked in each category.
9. (tie) Rhode Island
Economy: 48
Crime/Safety: 7
Lifestyle: 14
Health care: 7
Health care and safety were rated high for Rhode Island, but high costs could be an obstacle for some. "As is often the case, quality comes at a price, so you have to consider whether the nation's 10th-highest cost of living fits your budget," the report said.
9. (tie) Alabama
Economy: 1
Crime/Safety: 44
Lifestyle: 7
Health care: 24
The state has low taxes, making it a prime destination for retirees looking to cut costs. "A cluster of Southeastern states did well in this study and, besides warm weather, a common denominator for most of them is low cost," the report said.
8. Missouri
Economy: 6
Crime/Safety: 42
Lifestyle: 12
Health care: 15
"While low costs are often associated with economically depressed states, Missouri had the fifth-lowest overall cost of living; yet its job market has been resilient in the year of Covid, with the ninth-lowest unemployment rate as of October," the report said.
7. Connecticut
Economy: 45
Crime/Safety: 4
Lifestyle: 19
Health care: 3
Connecticut has a lot to offer retirees when it comes to quality health care and safety, but it is among the more expensive states on the list. "The story on Connecticut seems to be that it's a great place to retire if you can afford it," the report said.
5. (tie) Kentucky
Economy: 28
Crime/Safety: 10
Lifestyle: 14
Health care: 17
The state ranks as the seventh-cheapest for health-care costs, but "one area of weakness is life expectancy at age 65, where it was one of the worst states in the nation," the report said.
5. (tie) Florida
Economy: 31
Crime/Safety: 27
Lifestyle: 1
Health care: 10
"Florida has the country's warmest average temperature and the second-highest proportion of residents aged 65 or older," the report said. "However, nursing care capacity has not kept up with that elder population, as Florida ranked 40th on that measure."
3. (tie) Mississippi
Economy: 9
Crime/Safety: 24
Lifestyle: 10
Health care: 21
Like many other states in the Southeast, Mississippi's chief selling point is the low cost of living. "Unlike Arkansas, crime is not a particular problem, as the state ranks around the middle of the pack," the report said. "However, it may not be the healthiest environment for seniors, as life expectancy at age 65 is the second lowest in the nation. Still, while many warm-weather destinations are very expensive, Mississippi might be a low-cost alternative if you want to avoid the cold."
3. (tie) Arkansas
Economy: 4
Crime/Safety: 46
Lifestyle: 8
Health care: 6
In addition to high affordability, "Arkansas also did well in the health-care category, ranking 10th in nursing care capacity and first in health-care affordability. However, if you consider Arkansas, pick your neighborhood carefully because the state is the fifth-worst for crime," the report said.
1. (tie) West Virginia
Economy: 8
Crime/Safety: 16
Lifestyle: 6
Health care: 29
"The overall cost of living is 9.1% below the national average, and health-care costs are third-lowest nationally," the report said. "Notably, West Virginia is popular with older residents, as the state has the third-largest proportion of people aged 65 or over."
1. (tie) Iowa
Economy: 13
Crime/Safety: 13
Lifestyle: 30
Health care: 3
"Iowa has consistently been at or near the top of this annual survey because of what it has to offer to retirees," the report said. "Its nursing care capacity, measured by the per capita number of people employed by those facilities in the state, is fifth nationally. It also helps that the economy is strong -- it has the third-lowest unemployment rate in the country."
The full report can be viewed here.
