Many of us long for a retirement that will feel like going on a permanent vacation. But before we buy that beach bungalow, box up our stuff and break out the Costco-sized wine spritzers, a reality check may be in order.
Bankrate’s latest ranking of the best and worst states to retire finds the fun-in-the-sun places often associated with retirement may have drawbacks as we face aging issues and our savings dwindle. Retiree meccas like Florida and Arizona don’t come close to cracking our top 10.
Many do want to retire somewhere else - It’s no myth that many people dream of moving in retirement. A new Bankrate survey shows that 47% of Americans would consider relocating when they retire. Higher-earning households and younger people are more likely to say so than everyone else.
According to our poll, Americans’ priorities for a retirement haven suggest they’re giving a lot of thought to practical considerations like cost of living and health care.
How we rate the states
To rank the states according to what people say they want in retirement, we pull together data on these eight criteria:
- Cost of living
- Healthcare quality
- Cultural vitality
- Senior citizens’ overall well-being
- The prevalence of other seniors
Two of our categories are new: cultural vitality (whether residents can find fun stuff to do) and the prevalence of other seniors (whether it would be easy to find other retirees to hang out with).
We weight the factors based on the importance they were given in our survey.