A new report looks at cost of living, tax-friendliness, and access to medical care. Did your state make the list? (Unsplash/Peter Pryharski)
Hitting retirement is a big accomplishment but that doesn’t necessarily mean it’s smooth sailing from the day you sign off from work for the last time. Many people in retirement find themselves struggling with their expenses. And according to personal finance site WalletHub, 28% of non-retired adults haven’t saved money for retirement and Social Security benefits replace about 37% of the average worker’s earnings.
For retirees or those who are preparing to retire, finding ways to stretch your money and get the most bang for your buck is important. Where you live in your retirement years can make a big difference on your budget, so WalletHub recently compiled a list of the best and worst states to retire for 2024. To determine the rankings, the team compared 50 states across 46 key indicators of “retirement-friendliness,” like cost of living, general tax-friendliness, mildness of weather, and access to medical care and leisure activities.
“Being retired brings freedom, but it also naturally is a time of financial constraint, with many seniors living on a fixed income,” Wallethub analyst Cassandra Happe said. “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.”
Unsurprisingly, Florida topped the list as the number one state to retire, thanks in large part to its low taxes. But plenty of Western states were represented in the top 10—Colorado ranked second, Wyoming ranked fifth, Idaho ranked sixth, and Montana ranked ninth.
With a milder climate than hot Florida, Colorado came in second because similarly to the Orange State, it doesn’t have estate or inheritance taxes. WalletHub found that it’s also a great state for physical and mental health—it has one of the lowest rates of social isolation for seniors; very few residents over 65 are in poverty; and it’s home to some of the best geriatrics hospitals in the country.
Fifth place Wyoming is very safe for retirees—the state has better protections against elder abuse compared to other countries and has one of the lowest violent crime rates in the country. Other benefits include its clean air, high senior volunteering rate, and no estate and inheritance tax.
But not all Western states had stellar rankings. Washington was ranked 43rd on the list, landing it on the bottom 10, with poor affordability, quality of life, and health care scores. It has a high annual cost of in-home services and a high property-crime rate. It did rank in the top 5 for states with the highest life expectancy, though, along with Hawaii and California.
Take a look at the top 10 best and worst states for retiring below. You can see the full report here.
The Rev. Al Sharpton is set to lead a protest march on Wall Street to urge corporate America to resist the Trump administration’s campaign to roll back diversity, equity and inclusion initiatives. The New York civil rights leader will join clergy, labor and community leaders Thursday in a demonstration through Manhattan’s Financial District that’s timed with the anniversary of the Civil Rights-era March on Washington in 1963. Sharpton called DEI the “civil rights fight of our generation." He and other Black leaders have called for boycotting American retailers that scaled backed policies and programs aimed at bolstering diversity and reducing discrimination in their ranks.
President Donald Trump's administration last month awarded a $1.2 billion contract to build and operate what's expected to become the nation’s largest immigration detention complex to a tiny Virginia firm with no experience running correction facilities.
Chipmaker Nvidia is poised to release a quarterly report that could provide a better sense of whether the stock market has been riding an overhyped artificial intelligence bubble or is being propelled by a technological boom that’s still gathering momentum.
Cracker Barrel said late Tuesday it’s returning to its old logo after critics — including President Donald Trump — protested the company’s plan to modernize.
Low-value imports are losing their duty-free status in the U.S. this week as part of President Donald Trump's agenda for making the nation less dependent on foreign goods. A widely used customs exemption for international shipments worth $800 or less is set to end starting on Friday. Trump already ended the “de minimis” rule for inexpensive items sent from China and Hong Kong, but having to pay import taxes on small parcels from everywhere else likely will be a big change for some small businesses and online shoppers. Purchases that previously entered the U.S. without needing to clear customs will be subject to the origin country’s tariff rate, which can range from 10% to 50%.
Southwest Airlines will soon require plus-size travelers to pay for an extra seat in advance if they can't fit within the armrests of one seat. This change is part of several updates the airline is making. The new rule starts on Jan. 27, the same day Southwest begins assigning seats. Currently, plus-size passengers can pay for an extra seat in advance and later get a refund, or request a free extra seat at the airport. Under the new policy, refunds are still possible but not guaranteed. Southwest said in a statement it is updating policies to prepare for assigned seating next year.
Cracker Barrel is sticking with its new logo. For now. But the chain is also apologizing to fans who were angered when the change was announced last week.
Elon Musk on Monday targeted Apple and OpenAI in an antitrust lawsuit alleging that the iPhone maker and the ChatGPT maker are teaming up to thwart competition in artificial intelligence.
