The Best (and Worst) States in the US to Retire in 2024 (FIRE Faster?)
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People looking to achieve early retirement often focus on when they should retire, but they rarely focus on where they should retire. Should you relocate for financial independence, what's the impact and what should you consider before making the move? That's what we are going to be covering in today's episode.

Hello, hello, hello. And welcome to the bigger poke's podcast. My name is minon, and with me, as always, is my finally back in denver so he can record a show with me COO scotched. thanks.

Many great to be here. Always amazed that you're ability to come up with a mountain of intro statements like that. I thank you so much. Bigger pockets has a goal of creating one million, million years. You're in the right place if you want to get your financial house in order because we truly believe financial freedom is attainable for everyone no matter win or where you're starting, although it's a lot easier if you end in one of the places will discuss today, today we're going to discuss the best in worst places to retiring twenty twenty four. We're going to talk about how that decision might help you retire earlier, if you can or want to relocate.

And when I talk about what factors to consider before making the move to discuss all of this was so excited to be joined by alex galea, lead data reporter at bankrate, alex rights, about the numbers behind consumer finance and economic trends. She's countered the numbers and look at the data for the best and worst places to retire in twenty twenty four. So you don't have to alex were so excited to have you join us today. Thank you so much for being here and Better pockets money.

Thank you for having me here and really excited to talk about this very important topic today.

This is a very important topic because that can be so easy to kind of just stay where you are. And what is actually the case is sometimes if you move, you could reduce your timing eline for financial independence. Think living in new york city versus living in kansas, kansas is gonna have just a lower cost of living, which reduces your expenses, which reduces the amount of money that you need to save for retirement. So before we jump into your list, what criteria ia did you look at when you create with this list?

Yeah, great question. There is a lot of data points that went into this are study at binky range, all fifty U S. States based on affordability, overall well being, quality and costs of health care, weather and crime.

And these are all the most important factors that impact of retirees, quality of life. And like I said, we looked at over a dozen different data points across these bucket. So each bucket Carried a different way.

And we weight affordability forty percent, which is the heaviest of all the categories, just because we have found other data, bankrate, that many americans consistently year over year field behind on the retirement savings. And at the same time, inflation has push Prices up over twenty percent since early twenty twenty. And so those two things are really forcing a lot of americans to shift their plans or figure out ways to stretch their retirement dollars, maybe a combination of both. But in addition to affordability, we looked at overall well being because that's also important quality of health care at twenty percent and then weather at ten percent and crime at five percent.

So can you give a little bit more death maybe on the overall well being number there? Because that seems like the most subjective of the bunch. And how do you defend that one states Better, worse for overall well be?

Yes, I can definitely be objective and it's always is sometimes hard to grab data and and captain what overall well being means in in the state at the state level and even at a city level. But we try our best. And really there's this index that is really um informative and helpful called the community while being index that we considered in this ranking.

We also looked at diversity across these states. We also looked at arts, entertainment, recreation is per capital. And another one that we another metrically included that bucket was adult sixty two and older for a thousand resident.

So I would say this drinking does ten to skie more toward that traditional retirement age of sixty two to sixty five. Um that's really the only metric though of all the meat rics that does kind of favor of an older democratic hic when IT comes to retirement. But yet community while being index um Carries a significant weight and their diversity and arts and entertainment and regretted establishments part .

of yeah so so you know if you have you want to add subjective opinions to this like for example, and dallas, you have to root for the cowboys. So that would give you on the well being standpoint. But those are all objective things that you is not and spot a layer in.

On top of this, the quality of life index is probably the the one that is most objective out of all of these other areas. And that sounds like the ranking order goes forty percent to affordability them to this quality of life index than to weather. And then what was the other two that goes?

Forty percent for a funny ability, twenty five percent for all well being? It's important. That's an important metric and that those the metrics that make up that bucket tried to incapacity, you know lots of different things that are important to overall well being. Health care, both quality and costs at twenty percent and then weather at ten percent and crime at five percent.

Okay, fantastic. right? So let's jump to IT. What are the three worst places to retire to .

start there? So alaska, new york, washington are the worst states to retire. Base on the metrics s we consider in our study and how they were weight to dive a little bit differ.

Alaska ranked poorly, and every bucket except overall well being, where IT landed closer to the middle. New york ranked poorly. And the affordability bucker and towards the middle for healthcare, weather and crime and IT actually ranked really welfare overall well being.

And then no surprise, washington also ranked correy and affordability. And so so in other categories, the one category raced while and IT was healthcare. So I would say the common thread among these three states is that they're cos late to live in relative to the rest the country. Housing in these states is more expensive, whether you rent or buy, property sales tax are on the higher and food and eating out gona cost more. You may be spending more on gas and transportation and the cost of how care is really high in .

alaska and in york specifically prizes um new york is a nice place to be, but they don't have the best weather, especially in the winter time, but also in the summer time when it's nice and hot. A alaska understand because IT is really expensive to be up there. IT is really expensive. Everything's really expensive and it's so far wait and is cold like, I don't know, three hundred and sixty five days a year, something so those I understand I was actually released surprised by the number one state.

the best day to retire.

the best day to retire in. So let's talk about that day.

Uh yeah I would say the the sites that line in turns the bottom of the list aren't all that surprising there because affordability Carries such a heavy way in this ranging IT really did push a lot of those high cost states to the top uh are starting to the bottom of our ranking um but a surprise the biggest surprise I think was the number one state, the best state for retirement and that is delaware followed by west Virginia and georgia, which were also some I surprising, I think deliver flies under the radar as a retirement ment spot in the us.

But IT actually has a lot of strong selling points. It's a pretty tax friendly state for retire aries. There isn't state or local sales tax um there is no income tax on social security benefits, also has lower property taxes, relatives to the rest of the country IT scores well in diversity and overall bill being and IT does have a high share of residents who are sixty une older compared to its population IT IT is a pretty small state, of course.

So IT doesn't have a huge population but um IT does have high share of older folks in that stay and also um has a high number of health care establish for capital and generally just high quality. How care is important in those later years of life. And it's important no matter hold, you are mean even if you're retiring early, having access to heart care and high quality health care is important and also has a pretty temporary climate.

And it's one of the six states when IT comes to now disasters and then cost of living, which took a huge way in this ranking and delivery is only slightly higher than the national average. So IT is more affordable than a lot of other places in the country, is not necessarily the most affordable. But generally, relatively speaking, if you compare across the country, IT is more affordable.

Really the only two categories scored lower and work, crime and cost of health care. So generally, I would say, to deliver to checks a lot of the boxes for those who are wanting to retire. And we ve got .

to a quick ad break. But after this, we're going to hear from alex about the top three cities you should consider retiring to.

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Welcome back. We are joined by alex gale.

This is really disappointing news to my father who has a really strong anti delivery stance. Um largely because there is a toll on nine ninety five that is like eight dollars each way um outside in new ork on the way in new york in jo n ninety five. And we have such a strong dislike for uh subsidizing the retirement of a good people of delivery that we go ten miles out of way to avoid that.

So part. The reason why um it's so nice to retire in delaware, but I will say I was surprised by delaware, but I was even more surprised by the second position on the west. Can you tell us about what that what that state wasn't and why I made the cut?

yeah. So west Virginia range number two as the best states to retire. And I rinking a really what catapults ted, ted to the top was that affordability category, which Carries a forty percent way. IT is the most affordable state in the country. And so that's really why I landed at the psychologist IT blended more in the middle when I came to crime and whether and overall well being and actually did rank poorly for health care.

So it's kind of a catch trade to with west Virginia because, well, IT ranks really well for affordability, those low living costs that allow you to structure your retirement dollars for their IT ranks really poorly for health care, both access and quality and cost of health care. So these are the things that you have to wait um against one another and retirement and that um what makes these decisions really tRicky. You have to prioritize what's most important to you.

And there is not going to be a place in the U. S. That checks all the boxes.

I think that's important to note. That is nothing is going to write number one all the way across. Now here's something I was like, oh, I wonder if there's a neighboring state that ranked Better for health care because west Virginia ranked number fifty for quality and cost of health care, but regular old Virginia ranked number ten.

So if you wanted to live in west Virginia and get all of those benefits, just live really close to Virginia and then hopped the border to go to your health care providers. There you go. Problem solved.

Yeah, it's a great hat. I I love that. I love that you connected the dots there. And that certainly is the case. They are gonna be states that border each other that you are Better for certain things in the other. So you know if you're OK with driving and and doing sort of that, take the extra time to drive and and get that higher quality of health care and by all means, um that could definitely be a way to you take advantage of those lower living while still having fairly accessible health care.

Looks like a large number of the next kind of best states to retire. Are these cheaper southern or midwestern states and that makes a lot of sense to me given that there is no a lot of given affordability is so high on the list of factors here and that really where you want to retire. What well being means to you is so, so subjective that we have users index that probably and waited to your credit appropriately lower than affordability, which is much more objective on IT. But were there any surprises as you went down the next kind of like five to ten that stood out in terms of best places to retire that, that maybe you break the old?

I think what was more surprising is just thought we do this ranking year over year. So IT is really interesting to see what states move up and down the list based on all these metrics and how they're waited. Uh, for example, last year, IOS was the best day to retire and then we saw IOS move not too far down but further down in the list still you know in that top fifteen.

But we saw that shift because those at metro ics around affordability really have shifted year over year for. So IT is really fascinating and kind of see you know which states move and down the ranking every year. You do kind attend to see the Normal suspects at the bottom and the usual suspects at the top.

But IT is kind of faster to see how cost of living really can change in in a place within a year or even within a few years. I mean, look at florida, for example. That is, I would say I would argue Flora still a fairly popular retirement destination.

But I think that has a lot of people questioned tes, I think a lot more people are questioning whether they want to retire in florida more so that maybe they did a decade ago because cost of living azora m so much in florida overall decade. You know, home Prices have skyrocket, property taxes of skyrocket, homework ters insurance, we also know those been an increase of frequencies and just severities of natural disasters, which can be financially devastating. And so IT is really interesting to sort of sea shifts over time. And where is IT Better to sort of put down roots and spend your retirement years um because you may be going somewhere now that is affordable and um checks all those boxes but the like these places change over time too. And so that's kind of part of the equation that IT is hard to predict, but it's interesting kind of see at those shifts.

One of the things that surprised me, for example, was the fact that Louis anna was ranked as such a bad place to retire, but neighbor and number thirty three, but mr. Sippy was ranked number six. What do you think the difference in any of the other good examples? Pennsylvania rank number seven and maryland at number forty three. And I like I grew up in maryland and I have a lunch, friends and family and pennsylvania, they are so similar, they're right next to each other in a couple of those. What do you think the differences between some of these neighboring states being so good or so bad relative to one another is um you know when there when you know I think of them is in some ways very similarly perhaps .

easily you know when IT comes to a state like lousianner versus mississip, which are both fairly affordable low costs states, what's going to make the difference stream them in our ranking are all the other bucket. So I would say generally speaking, mississip likely just rain to Better in some of these buckets. First is lousianner, which to just dive in a little bit more specifically, if I were to compare the two.

the a is higher on crime.

Yeah so crime it's much higher on crime, which while IT only cares five percent of the total rankings, wait, it's still Carries a wait. So I would say that likely impacted IT, even just the affordability difference. I mean, they're still both relatively affordable states, but mississippi does rank a lot higher for affordability than lousianner does at two versus lousianner at thirteen.

If you kind of aggregate all the metrix be looked at and that category. So because I Carries such a heavy way, like even that can make such a difference. And where they land in lysia is kind of in the middle of the pack.

It's not at the very bottom. So again, still rained pretty welfare affordability, but IT ring to really poorly for crime, ranked poorly for health care and ranked poorly for or overall well being. Those are a lot of the same metros s mississippi ranked poorly and as well. But just maybe not as bad.

Yes, I think affordability number is really like from two to thirteen. And then health care and well being rank are kind of the same. Weather rank is kind of the same.

The crime really sticks IT to lousianner. Uh, but I love this list because then I can start thinking, oh, if I stay in my current house, i'm surprised by some of these like color to forty four. Really colorado should be number one because it's the best state union.

says the colorado resident. My sense well being that peak in october and that is a bottom m and probably february unless it's good. So yeah, I think that the type of minute this is the best place ever right now. And then now i'll wake up in three month and day. Oh yeah, I remember.

Why not me? I got a skipp pest this year. The whole, the whole year is going to be awesome because you can either bike or snowboard.

California, luisa and texas have great takes on seasons where they skip winter. So that tell is nice.

Yeah, I think this is all you know, ultimately, it's such a personal decision and where you choose to retire. And this ranking is really just a starting point for people who are maybe feeling a little lost and just want more information in front of them to make Better a Better decision around that. Um you know this is not by all means the holy grill.

Um I would just say this allows you to kind of have all information laid out in front of you and so that you can make these tough decisions a little easier. But millie is a very personal decision and you might not even know affordability might not even be the top to be top priority for you. Maybe healthcare or just being closed to friends and family is more important to you the cost of living.

And so these are all the things you have. You know that so many factors to way out in that decision and IT is ultimately a very personal one. But hopefully this ringing kind of paints a broader picture of trends that are happening when IT comes to where to settle down in retirement and where are the places that have Better health care and where are the places that are more affordable and where are the places that um are rinking well when IT comes to overall well being and that maybe are warmer but are still you know maybe also the natural disaster. Part of this is important in crime. So this kind of just lays at all out in front of people to make that decision.

I think in the context of an early retirement or or traditional retirement, there's a couple of other consider that I would love to get your take on in here. So i'll use california an example. California is one of thirteen states that does not tax social security income, which probably has some boost to some people when they're thinking about how to how to think through this.

California also has lot of places that are in control. So you're a long term rental renter and you make that move fifteen, twenty, thirty years before retirement, you could be locked into a much lower rent paint, which makes IT much, much more affordable in some cases. California also has a very interesting tax system for property taxes and relatively cheap insurance in many parts of the state um for that.

So if you are home owner and and know a paid off home, which can be very expensive, obviously, but you're playing thirty years out for ample to tional that paid off home, you probably won't see your tax basis step up a tremens amount in retirement. And that, coupled with those security, could be a very powerful influence. I think there are nine states as well that do not tax income, uh, in this country.

Is texas one of them as well? There's a couple of those big states that, that don't text income and that can be really powerful for someone who's planning to do private money lending. Or has some other active or business asset that they are going to be earning.

Whether a state lake, texas might be really bad for a real estate investor because you if your primary conscience from your cash with mental property is very likely to be low text a income and you're going paying out of the zoo in property taxes, which is where a lot of the um a lot of local funding goes and taxes for example or in sales tax unlike like delaware is a great example of a place where that might be a great place for a rental property investor to retire. So any of those considerations make IT through? Or how do you think about those some of those factors when you when you can pile on a liter? Or is the most on the cost side.

everything about things? Yeah, I would say it's more emphases on the cost side, cost of living, but I would say that we considered property taxes and every state the average of that I also considered um combine stay and local sales tax rates in this ranking um and like you said, a lot of places that maybe don't tax on income, they find other ways to get.

Ya and there are places like for example, like florida, no income uh tax in florida, but uh property taxes are are pretty high there. And you also just have to consider how you're being tax in other ways, such as sales tax. So there's a lot of different ways you can be tax.

And it's really important to dear homework in your specific state, but also in your local area to understand how you're going to get tax and how that's going to affect your bottle blind and how far your retirement dollars can stretch in that particular area. That's where I recommend, you know bringing in a taxi per, bringing in a financial adviser and turning the numbers and looking this information up with them and really studying up on knowing what you're getting into. Um I think that's where it's important to lean on these you know experts who do this day in day out. And you can really give you a clear sense of how much you could be paying in taxes even if you live in a state that has no income tax or maybe you don't get tax and social security benefits.

Stay ued after a final break, where will break down what you should consider before relocating on your five journey?

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That com r IT. Let's jump back in and reveal what everyone's been waiting for around where a new jersey ranks in the list of best places to retire yeah, all that makes a lot of sense. And I think the broader the thing I would be thinking about is if you're in the situation is do that and know that if you're in one of these states, that toward to the bottom of the ranking, like a california, for example, because of affordability, maybe in new york as well, just planned around that.

And think about the ways to take advantage of what, you know, certain other rules that are in place, right? Again, like a home moor in california, is of my father, examples, because they are live in in a place that's beautiful, great weather and they are probably locked into really low costs for a really long time, if you're will understate put. But if you're going to be moving from maryland to california, for example, um in your retirement, you know that's gonna really expensive and that's going to know set you back a couple of years a potentially on that from moving from maryland to west Virginia, you can have a good time and there is a beautiful, beautiful state just going to drive across the border of Virginia.

Ia for health care potential yeah that's a great point that you make there. I would say that the context behind this ranking is really if you are going to relocate for retirement, if you're already living in california and you want to stay there for retirement, that I think you know that's that particular you're in that particular situation where you're not wanting to relocate.

I think for this ranking, IT is very much gear towards those americans who are maybe living in a higher costs place and want to move somewhere more affordable or maybe they're living somewhere more affordable, but they have the dream of always wanting to live in california or and a certain part of the country that does cost more and its making sure you're planning for that and you're thinking about all the costs that are associated with making a move to a more expensive place. So you would say affordability depends on where you're coming from and where you've been based. You again, moving from california to georgia is going to look a lot different. The numbers are going to look a lot different for your retirement than moving from georgia to california. And so IT really is relative to where you're coming from and where .

you're going. Yeah, I think this is a great example of gathering up all the information so you can make an informed decision. This doesn't mean that just because of what's number fifty, alaska, just because alaska is the least at, well, let's see how how do I phrase this? I don't upset alaskans a just because alexa comes in number fifty on the overall ranking doesn't mean it's not an amazing place to live IT just means that IT is not you know, taking into all these factors, IT doesn't IT doesn't work out of that well. Uh, there are Better states to live in that take into account the affordability and the help .

care and all of those things. I think it's a small minority of folks who look forward to their retirement in alaska and more power to those folks out there. I think that makes .

that makes perfect sense.

How study those people are .

what wonderful place I I wouldn't want to retire from a to ancient. They have blow out in gos. Health care cost for the most power as well, tax benefits.

It's going to be easier to stress your fixed in come in a state that has a lower cost of living, comparative Price or states, of course, that's just considering the numbers. The financial aspect of this decision is also very much an emotional decision, and it's about being around people that you love and having community as well. And a lot of other factors that play into that. So again, very personal is not the day. But I would say this ranking really is kind of showing you the states at the top that are more financially friendly or for that fixed income verses at the bottom .

less so when you're coming at this from a position of do I have enough to retire, you might have enough to retire in west Virginia. So maybe you wish to retire sooner. And therefore, you will make a decision to move to west Virginia because it's so much more affordable.

And therefore, you are already financially independent or maybe you say, you know, I ve never been the west Virginia. I don't know what it's like. I don't want to live in the south east, west west, west Virginia. I am so bad with, oh, that's not even in the southeast. I'm so bad with my east coasts, geography.

I grew up on the east coast media. I don't I don't know what we think of west Virginia. It's not north n it's not southern.

It's not in western yeah, it's kind of right in the middle.

I think that's not that's not a new problem. That's every everyone. I think it's hard to label wear virgin.

But I also really surprised to see where west Virginia is located on the map. So I need to do a little bit more studying in my geography. But you know when you can make a decision where you want to live based on all of these factors, I mean, this is a really great starting point. Should somebody jump in and say i'm going to retire because Alice big grade said I should live in west Virginians, so i'm just going to move there in retire like that's that's probably not the best way to start your life after financial dependence.

Just a couple other colleges before we journ here that I found interesting you again, pencil vania being ranked number seven and maryland at forty three was surprising. But also, I think we'd all agree that new jersey definitely deserves to be much lower on the list, and they are ranked appropriately low at thirty five. So thank you for that.

Texas IT came in at forty two, which I found surprising as one of the worst places to retire a around the country, pretty close to california, forty. And then of the west coast states, california organ, or forty seven and forty eight respectively, organ was ranked eighty probably because it's a lot more, relatively speaking, affordable than washington or california at. In a lot of ways, idaho is way up there, and arizona was low on the list as which was a surprises, relatively warm climate where I know a lot of people think about retiring to.

So a bunch of surprises. Definitely a really cool research project that you ve done. Hear alex. And and really good study that I think will help people make Better informing choices around this. Thank you so much written to together come out on the day.

yeah. Thank you for having me. I'm glad I got to talk about this with you both. And IT is a very important topic, something that americans are thinking about a lot um and especially they get older. Retirement is top of mind. And so IT is important to be planning for where you plan to retire because that will highly impact your numbers and how much you ultimately need to feel comfortable. And in those years.

yeah, this was great. I really appreciate your time today. Alex, where can people find you on my they .

can find me on length, in or on x um i'm posting on there on a regular basis of articles and analysis that I do through banker can also just check out a banker's that com. I have an author bio page there so yeah you you can buy me all over the internet. I have A A football int a little bit sprinkled everywhere on social media.

All right, that's awesome. Thank you so much for your time today. So we will talk you soon.

Was out from bank rate.

You think I thought that was a fascinating show because there are so many different things to consider when you are planning your retirement. But where you should live, I really think that there's not a lot of people who are considering that i'm just gonna stay right where I am. Well, that's great if you've got kids in a great school and you've got an affordable place to live.

But what if you don't and what if you could change your five timeline by changing your address? So I think this is absolutely something that somebody should take a peak just to see where their state ranks. Um I would like to apologize to all of our new jersey listeners on Scott's behalf.

Here's that, alex. Yes yeah including .

our guest who IT turns out lives in new jersey. So anyway, if god offended you, please email him. It's got a bigger pocket um he would love to have a debate about your great state.

New new jersey is beautiful. I have family who lives a new jersey rib on them when we were growing up. I grab b in maryland. That's all. I'm sure it's a onder ful place to retire and a wonderful place in many regards around there.

And yeah, love IT. What did you think .

of this episode? I think that IT was a great intro to the concept of where to think about study in retirement. And I am super interested in, you know, thinking about that next level of analysis.

Following this up me, we can get another guest to come in like someone who who's super smart with retirement planning and tax preparation in those type of things because I think there's something to unpack about the ways to make the worst places to retire, but probably the places that we all think about as retirement, as retirement locations like for da on texas and part to the south and california and hawaii, you know, this place, the dream places to retire. I think that there's a way that to work. The systems that are in place, states around income realization and keeping expenses like rent or housing super law, that I would really be interested in learning about to think about.

Okay, that's the hardest st place to retire is really hard to work a career on the east coast in new yorker, you know, new jury, whatever. And the retired in california because of the dynamic we just discussed. But I bet you based what we talk about earlier, that there's a really good way to plan that out a couple years in advance and that california can actually be relatively accessible to something with a long term time horizon for really nice retirement in great weather, for example. So I be really interested this point in .

that the next level, I think that's that's A A great thoughts, Scott. And I think in any one of these states, you can have a great retirement um especially if you are a hearty soul in one to retire in alaska. Um i'm probably I can do can visit in my retirement but know that I admire you but all the other states that don't have the the brutal winters that alaska does, um there's lots of opportunity to make your retirement wonderful.

So just because your state ends up at the bottom of the list doesn't mean you can't have a great retirement IT just means that it's not as advantageous considering all of these factors as IT could be if you move to a different state. So I like you said this, a great starting off point. And I just want people to be conscious of all the factors that go into their financial retire, financial independence and early retirement life.

Not just do I have enough money or it's got to forget that here. And that raps up this episode of the bigger pockets money podcast. He is got trench, and I am andy jenson saying, total u can you.