Florida - According to an analysis conducted by WalletHub, a personal finance company, Florida is the best state to retire in.
WalletHub based its 2018 scores on all 50 state’s affordability, quality of life, and healthcare. The rankings were synthesized from “41 key indicators of retirement-friendliness.” Some of these metrics include a state’s “tax-friendliness,” cost of living, crime rates, weather, leisure activities, quality of hospitals, and healthiness. Each metric, and how the scores were calculated, can be found here under “Methodology.”
In WalletHub's findings, a 2017 report from the Federal Reserve Board is referenced. That report says nearly 30% of adults who are not yet retired have no retirement savings put away. According to WalletHub, relying on Social Security or pension alone is not sustainable. A report from the Center on Budget and Policy Priorities shows Social Security matches just 40% of an individual’s earnings at work.
WalletHub ranks Florida 47th in the nation for having one of the lowest percentages of people in the workforce aged 65 or older. The State of Florida also ranked in these categories:
The following is the full list of 2018's Best & Worst States to Retire:
(Chart courtesy of WalletHub)
For more on this story, head to WalletHub.com.
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Copyright Southern Stone Communications 2018.
