Where is the best state to retire?
According to new study by WalletHub.com, Oklahoma is tied with Tennessee at No. 28. Oklahoma ranks as No. 12 in affordability and 43rd in health care. Oklahoma is ranked near the bottom at No. 47 in lowest life expectancy.
Nearly 31 percent of all nonretired adults have no retirement savings or pension because many simply cannot afford to contribute to any type of plan.
WalletHub compared the 50 states and the District of Columbia across 31 metrics. The data ranges from “adjusted cost of living” to “weather” to “quality of public hospitals.”
Best States to Retire
- Florida, 2. Wyoming, 3. South Dakota, 4. Iowa, 5. Colorado, 6. Idaho, 7. South Carolina, 8. Nevada, 9. Delaware, 10. Wisconsin
Worst States to Retire
- Arkansas, 43. Kentucky, 44. Vermont, 45. New Mexico, 46. New Jersey, 47. Hawaii, 48. Connecticut, 49. District of Columbia, 50. Alaska, 51. Rhode Island
Mississippi has the lowest adjusted cost-of-living index for retirees, 85.6, which is 1.9 times lower than in Hawaii, where it is highest at 165.3.
Louisiana has the lowest annual cost of in-home services, $34,892, which is 1.8 times lower than in North Dakota, where it is highest at $63,972.
Alaska has the highest share of the population aged 65 and older working, 22.34 percent, which is 1.8 times higher than in West Virginia, where it is lowest at 12.32 percent.
Florida has the highest share of the population aged 65 and older, 18.6 percent, which is 2.1 times higher than in Alaska, where it is lowest at 9.0 percent.
Vermont has the lowest property-crime rate per 1,000 residents, 14.07, which is 3.3 times lower than in the District of Columbia, where it is highest at 46.76.
The report states that even in the most affordable areas of the United States, most retirees cannot rely on Social Security or pension checks alone to cover all of their expenses. Social Security benefits increase progressively with inflation, but they replace only about 40 percent of what someone earned if they were an average worker, according to the Center on Budget and Policy Priorities.