As the specter of financial insecurity looms over many individuals entering retirement, concerns about never being able to retire persist, particularly as statistics reveal that 28% of non-retired adults have not saved any money for their later years. Compounding this anxiety is the fact that Social Security benefits only replace approximately 37% of the average worker’s earnings.
Recognizing the pivotal role of location in determining post-retirement financial well-being, WalletHub conducted an extensive analysis to identify the most retirement-friendly states. The study compared all 50 states across 46 key indicators, ranging from financial considerations such as tax rates and the cost of living to factors like access to quality medical care and engaging recreational activities.
AND Rhode Island ranks 4th worst state in America to retire, behind Kentucky, Missouri, and New Jersey.
Bottom 10
Top 10
“Being retired brings freedom, but it also naturally is a time of financial constraint, with many seniors living on a fixed income. To make the most of your retirement savings, you should retire in a state where the cost of living and tax rates are friendly to retirees, if you have the resources to. You should also consider factors like the quality of the state’s healthcare system and the abundance of activities that you enjoy.”
CASSANDRA HAPPE, WALLETHUB ANALYST