Personal finance website WalletHub compared all 50 states across 47 key metrics, examining affordability, health-related factors and overall quality of life.
GOLDEN VALLEY, Minn. — For some, retirement is one of life’s ultimate goals, a time to enjoy the fruits that come following decades of toiling at a job or career.
But where you retire can have a significant impact on how financially comfortable you can be in those golden years. Personal finance website WalletHub says even in the most affordable areas of the U.S., many retirees cannot rely on Social Security or pension checks alone to cover all of their living expenses.
In fact, the Center on Budget and Policy Priorities reminds us that Social Security benefits increase with local inflation, but they replace only about 37% of the average worker’s earnings.
With 25% of all nonretired adults having no retirement savings and only 40% of non-retired adults thinking their retirement savings are on track, WalletHub is releasing its report on 2023’s Best States to Retire. The study compares the 50 states across three key dimensions: WalletHub compared the 50 states across three key dimensions: affordability, overall quality of life and health care. Inside those key dimensions are 47 different metrics that include the tax-friendliness, annual cost of adult daycare, risk of social isolation and access to public transportation among them.
If you plan on hanging your hat in Minnesota upon exiting the workforce the news is pretty good: the Gopher state ranks as WalletHub’s 8th best state to retire in. Here are a few categories where Minny stacks up pretty well.
Retiring in Minnesota (1=Best; 25=Avg.):
- 22nd – Adjusted Cost of Living
- 28th – WalletHub ‘Taxpayer’ Ranking
- 4th – Elderly-Friendly Labor Market
- 3rd – Life Expectancy
- 1st – Health-Care Facilities per Capita
- 18th – Percentage of Residents 12+ Who Are Fully Vaccinated Against COVID-19
The report names Virginia, Florida, Colorado, Wyoming and Delaware as the top five states to retire in, while the bottom five include Kentucky, New Jersey, Mississippi, Oklahoma and New York.
Minnesota was ranked number one in multiple categories, including healthcare facilities and theaters per capita. We are third-highest in life expectancy behind Hawaii and California.
One strike against Minnesota is its ranking as the most expensive place to hire in-home care services.
For more details on the report, including commentary from noted experts on finance, aging and lifespan issues, check out the WalletHub website.
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