The Best and Worst States for Retirement in 2024: Bankrate’s Rankings and Key Considerations

Bankrate’s annual Best and Worst States to Retire Study for 2024 has revealed the top five states for retirees, as well as the bottom five states. Delaware claimed the top spot this year, followed by West Virginia, Georgia, South Carolina, and Missouri. On the other end of the spectrum, Alaska ranked as the worst state for retirees, with New York, Washington, California, and North Dakota rounding out the bottom five.

The study considered various factors such as affordability, overall well-being, quality and cost of healthcare, weather, and crime rates to determine the rankings. Affordability was given the most weight in the ranking, reflecting the financial challenges many Americans face in retirement due to rising living costs and inflation.

Delaware, the top-ranked state for retirees, offers tax-friendly policies for seniors, a diverse population, and a temperate climate. West Virginia, known for its affordability, scored poorly in healthcare quality and cost. Georgia saw improvements in affordability, while South Carolina ranked higher due to its weather and affordability. Missouri, in fifth place, excelled in affordability but struggled in healthcare quality and overall well-being.

Before relocating for retirement, experts recommend considering factors such as finances, sense of community, cost of living, healthcare quality and costs, taxes, and climate. Planning ahead and seeking professional advice can help retirees make informed decisions about where to spend their golden years.

Overall, the study highlights the importance of thorough research and careful consideration when choosing a location for retirement, as it is a significant milestone in life that should be both financially sound and personally fulfilling.