Almost one-quarter of Americans expect to never be able to afford retirement, but for the lucky individuals who saved up enough money, deciding where to spend their golden years is no easy feat.
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“Where to live is probably one of the most personal decisions one can make because it’s not just about preferences, it’s also about the financial considerations that are associated with it,” Mark Hamrick, senior economic analyst at Bankrate, said.
Should you settle by the coast, live in a bustling metropolitan, or instead opt for a low-tax state that offers an affordable lifestyle?
Perhaps none of the above. According to a new survey from Bankrate.com published on Wednesday, the best place to retire is Nebraska. That’s based on a number of different factors, including affordability, crime, culture, weather and wellness.
Although Nebraska lagged behind other states in terms of weather -- the Cornhusker state has a brisk average annual temperature of 49 degrees -- it fared well in other measures, ranking No.8 out of 50 states on wellness. In health care, Nebraska boasts 61 percent of the health measures that achieved the benchmark or better -- a higher percentage than about two-thirds of the other states.
It also falls within the top 15 for the cost category, making it a fairly affordable option for retirees looking to keep costs low.
Another Midwest state, Iowa, trailed Nebraska, coming in as the second best place to retire. The state ranked slightly better for affordability (No. 8) and scored within the top 20 states for culture.
It was followed by Missouri, South Dakota and Florida, a long-time haven for retirees.
Take a look at the complete ranking of states, and see where yours falls in terms of retirement:
4. South Dakota
8. North Carolina
13. North Dakota
15. New Hampshire
25. West Virginia
27. Rhode Island
37. New Mexico
41. South Carolina
42. New Jersey
49. New York