Is retirement on your horizon? If so, you may be wondering which state is the best place to retire in 2022. Unfortunately, every state has something different to offer retirees, so it can be tough to decide.
New Jersey ranks last among the best states in America to retire in. Mississippi takes top honors with their low adjusted cost of living, followed closely behind by Alabama, then West Virginia, Arkansas, and Oklahoma.
We’ll focus on the best locations to retire in 2022. We will consider factors such as the expense of residing, weather, the performance of health care, and others. So if you are nearing retirement and are wondering where you should call home, keep reading!
What are the Top 10 Retirement-Friendly States?
Florida is the best state in which to retire for three important reasons. First, it has a low cost of living. Second, you’ll find plenty of health care facilities available within its borders. Thirdly and most importantly, the weather throughout this great state has a classification as “generally pretty good.” WalletHub compared it on 47 key factors measuring retirement-friendliness to rank how friendly a state is to retirees. The cost of living and tax-friendliness were among the criteria examined in this study, looking at affordability. In addition, social isolation and elderly-friendly labor market, public transportation access, weather, leisure, and criminality rates were all considered. Obesity rates, smoking rates, and education levels were also considered.
The top five states for retirees are Virginia, Colorado, Delaware, Minnesota, and Florida. All these places have a high proportion of older adults. Still, there is one exception: Montana, which tied with Georgia on this list because they both had around 12% older adults living in their homes. Compared to other states across America who ranked accordingly, Texas or Alaska has 10%.
Mississippi was the best-performing state in terms of adjusted living costs, followed by Alabama, West Virginia, Arkansas, and Oklahoma. Hawaii has the highest cost of living, but it also offers residents an exceptional life expectancy. On the other hand, California has high living expenses (No. 46). New York takes top honors for its compressed cities’ wages which are among America’s most competitive. On the other hand, Massachusetts enjoys some healthy amenities like universal health care coverage and generous vacation policies.
Residents of North Carolina have the lowest percentage of elderly residents in its labor force. These residents might want to look into South Dakota, Vermont, Alaska, Nebraska, or Massachusetts for jobs that appeal to those 55 and up. West Virginia, Arizona, Florida, Michigan, and Alabama were among the states with the lowest percentage of older people in employment.
According to the study, older adults who value cultural experiences generally live in New York and California, with the most museums and theaters per person. However, according to US Census Bureau data, Arkansas and West Virginia have the fewest art galleries and movie theatres.
What is the Cheapest State for Seniors to Live In?
Mississippi is the most affordable state for seniors to live in, ranking first in affordability. Arkansas, Louisiana, and Oklahoma are all close behind, ranking No.2, No.3, and No.4, respectively. Regarding the quality of life, Mississippi ranks No.17, while the other states in the top four rank in the top 10. Mississippi ranks dead last in terms of health care, while Oklahoma ranks No.1. With such a low rank for health care and an average (No.25) ranking for safety and infrastructure, it’s surprising that Mississippi ranks No.1 when it comes to affordability.
Where Can I Retire on $2000 a Month in the United States?
- University City, Missouri
- Daytona Beach, Florida
- St. George, Utah
- Winter Haven, Florida
- Tomball, Texas
- Chattanooga, Tennessee
- Loveland, Colorado
- Pinellas Park, Florida
- Kernersville, North Carolina
- Westerville, Ohio
- Weatherford, Texas
- Cheyenne, Wyoming
- Covington, Lousiana
- Sierra Vista, Arizona
- Grand Junction, Colorado
- Anderson, South Carolina
- Belleville, Michigan
- Bismarck, North Dakota
- Gallatin, Tennessee
Social Security payments aren’t enough to cover our basic living expenses for most of us. According to the Social Security Administration, as of June 2021, the average monthly retirement check is $1,555 per month. Even in lower-income regions, an associate’s salary of $18,660 per year is less than the typical income.
Whatever the situation, living in a city with lower expenses is another approach to maintain financial independence throughout retirement. Living in New York or Beverly Hills might be appealing. However, it does not imply that you will not be able to live in Lower Manhattan or Beverly Hills. There seem to be still many cities that are both inexpensive and enjoyable to live in.
The following categories were used to calculate livability: amenities, crime, cost of living, weather, and education.
Is Georgia or Florida Better for Retirement?
The best thing about retiring in Florida is that you can enjoy a low-tax environment with the option of sitting by the beach or going on exciting excursions. However, if you want lower housing expenses, a slower-paced existence, and the opportunity to explore historical locations, retiring in Georgia is ideal.
Cost of Living
When considering where to settle down, it’s wise to have a sense of what you’ll pay for living there. Things to consider are housing and lifestyle costs.
The cost of living in Florida is 2% higher than the national average, making it more expensive than many other states. The increased living cost is due to the high costs of houses in this state. The median house price in Florida is $348,732, with rents of $945 and $1174 per month for a one-bedroom and two-bedroom home, respectively.
In Georgia, the cost of living is 7% less than the national average, making it a more cost-effective place to live. According to Zillow, the city also offers lots of potential for single-family houses. The median home price is $287,458, and many residences are available for less than that. The monthly rent for a one-bedroom or two-bedroom apartment in Georgia is $821 and $958, respectively.
If cost is a concern, Georgia appears to be the better alternative.
Healthcare
Retiring in Florida means you’ll have easy access to excellent healthcare. But, on the other hand, both states are reasonably balanced when it comes to cost.
Although health insurance premiums in Florida are somewhat more significant than in Georgia, with an average monthly premium of $495 in Georgia and $515 in Florida, the state has greater deductibles. To be certain, Florida and Georgia have some of the highest deductibles in the country. It is difficult to identify one when selecting a superior healthcare alternative.
Social Life
In Florida, the elderly population continues to be very high. It provides retirees with a 55+ adult community to share living with other older adults. So, suppose you want to make new friends, live in a nice neighborhood where you can be active, or retire to Florida and enjoy the sunshine and warmth of its climate. In that case, this state is ideal for that.
The people of Georgia are known as some of the kindest, friendliest, and most compassionate you will ever encounter. While it is not known for having a high number of retirees, you will almost certainly meet people who may become life-long pals.
Climate
With an average of 230 days where the sun shines, Florida is one-of-a-kind. But with high humidity and temperatures that vary throughout most months from 50°F (10 °c) to 85 F or 29 Celsius during summertime, this state has a lot going for it.
Georgia’s climate is a pleasant balance between warm and humid. With average temperatures throughout the year ranging from 40°F to 80 ° F (4°C 26 C), you’ll find that Georgia has it all. Beautiful greenery in your neighborhood streets and hot summers with high humidity levels make for sticky clothes but beautiful vacations.