Are you looking for the perfect place to retire? As we age our needs tend to change, so do your homework when it comes to finding the ideal retirement spot for you.
For those heading into your Golden Years on a fixed income, affordability and healthcare might top your list. According to a new Caring.com report, Utah is the best place for seniors to grow old while New York finds itself in the bottom 3. Focused on senior care, the study ranked all 50 states in 13 categories including financial, healthcare, quality of life, nursing home costs and in-home care prices.
“We want to use this research as a starting point for really important conversations between family members,” said Caring.com vice president Tim Sullivan. “Too many people avoid thinking about senior care until it hits a crisis point. There are good options in every state, but it can take some time to sort out the best approach, so ideally you’ll get the dialogue going early to help maximize your options.”
Sullivan reviewed for FOX Business the best and worst 3 states to grow old in, according to the research.
Best states for retirement
No. 1: Utah
“Utah reached the number one spot in our study by providing truly excellent quality of care for older Americans at a very reasonable cost,” said Sullivan. “They weren’t number 1 in any of the factors that drive quality, but they were high enough in most to place them 7th overall for quality. When combined with their respectable 14th rank on cost, they came out on top of our list of best states to grow old.”
Their one blemish, he said, is a relatively low score for choice of setting and provider, where they rank 47th.
No. 2: Iowa
Like Utah, Iowa wasn’t at the top in any individual category, but they were strong across the board in individual quality measures, resulting in an overall rank of 8th for quality (where they tied with Colorado). They were also rock solid on costs, coming in at 17th overall.
No. 3: South Carolina
At 22nd place for quality, South Carolina was still ranked in the top half based on quality measures, but that close-to-average quality of care came at a really terrific price for consumers. They were 6th overall for costs, so if you live in South Carolina you can expect care that’s likely adequate, but it won’t cost you an arm and a leg.
Worst states for retirement
No. 48: New York
New York came in at 48th overall by ranking near the bottom for cost of care measures, where they were 46th, and in the bottom half for quality measures, where they ranked 32nd. Two bright spots for New York were choice of setting and provider, where they ranked 15th, and support for family caregivers, where they came in 10th.
No. 49: Indiana
While Indiana was relatively affordable, coming in at 21st place for cost of care measures, it wasn’t enough to offset the fact that they were near the bottom for quality measures, where they landed at 49th place. One area where they’re somewhat stronger is with consumer opinion. The consumers using Indiana’s services and communities rated them well enough to rank the state 19th overall for average senior care ratings.
No. 50: West Virginia
West Virginia’s position at the bottom of the list was largely driven by their overall quality score, where they also ranked 50th. Their cost ranking is 13th, where they are especially strong on affordability of home services, but this was not enough to pull them up. Notably, West Virginians would probably not disagree with their placement, as they ranked 50th for self-reported well being and 49th for average rating of their services and communities.