While many Americans who are at retirement age are continuing to struggle to retire—with almost 30% of them reporting not having enough cash saved, according to the Federal Reserve—those who do are struggling to find the most affordable place to live out their work-free days.
According to a new report released by personal finance website WalletHub.com, which analyzed 41 key indicators of retirement-friendlessness including affordability and health-related factors, these are the top five states in the U.S. to retire in 2018.
Best States to Retire
1) Florida 2) Colorado 3) South Dakota 4) Iowa 5) Virginia
The cities with the lowest adjusted cost of living were Mississippi, Arkansas, Alabama, Tennessee and Oklahoma compared to the highest adjusted cost of living in states such as Massachusetts, New York, Alaska, California and Hawaii.
The overall the worst place to retire, according to WalletHub, was Kentucky, with a total score of 43.06 due to its low scores in affordability, quality of life and health care ranking.
Worst States to Retire
1) Kentucky 2) New Jersey 3) Rhode Island 4) Mississippi 5) Arkansas
If life expectancy is ranked high on your list when it comes to finding a place to settle your roots, WalletHub said retirees should head to states such as Hawaii, Minnesota, California, Connecticut and Massachusetts.