Delaware Tops List as Best State to Retire in 2024
Delaware has once again taken the top spot for retirement in 2024. As the first state to ratify the U.S. Constitution in 1787, Delaware stands out this year for its favorable weather, affordable homeowners insurance, and high-quality healthcare. Despite its higher cost of living and these advantages make it an excellent option for retirees. Bankrate Analyst Alex Gailey noted that Delaware’s large community of seniors is an added benefit for those seeking a welcoming atmosphere.
West Virginia Claims Second Place for Retirement Affordability
West Virginia has risen to second place on the retirement list, largely due to its low living costs. The state offers significant financial advantages for retirees, making it a great option for those looking to save money. However, it faces challenges in healthcare where it ranks poorly. This means retirees must consider the trade-offs between West Virginia’s affordability and its healthcare shortcomings.
(photo: KSN-TV)
Georgia and South Carolina Rise in Retirement Rankings
Georgia and South Carolina have both moved up to third and fourth places on the list of best states to retire in 2024. These states have improved their positions by becoming more affordable compared to previous years. This makes them appealing options for retirees offering better living conditions at lower costs. Missouri has also performed well and reaching the top five due to its low living expenses which are attractive for retirees.
Florida’s High Costs Affect Retirement Appeal
Florida, often viewed as a prime retirement destination is ranked eighth this year. The state struggles with high homeowners insurance costs which can be burdensome for retirees. Additionally, increasing electricity costs in warmer climates could lead to higher bills in the future. Despite its sunny appeal and these financial concerns have impacted Florida’s position in the rankings.
High-Cost States Fall Short in Retirement Rankings
States with high living costs such as Alaska, New York, Washington, and California, are less favorable for retirement according to Bankrate. Alaska continues to rank poorly due to high expenses and low scores in healthcare, weather, and safety. California, with its steep taxes and high home prices, is ranked 47th overall. In cities like San Francisco and retirees would need a substantial income to afford a home.
Western States Excel in Healthcare for Retirees
Western states lead the way in healthcare for retirees. Idaho, Colorado, Washington, Utah, and Oregon provide excellent medical care at affordable prices. This is crucial for retirees who will spend an average of $157,500 on healthcare throughout their retirement. These states are attractive options for those seeking both high-quality and reasonably priced healthcare, according to the report of WNCT.
