As of Tuesday, February 13, 2018
Retirement might be the end of one’s career, but it doesn’t have to be the end of financial well-being or fulfillment.
In addition to when to retire, a good question to ask is, “Where?” That can be difficult to decide without doing a lot of research. Even in the most affordable areas of the U.S., most retirees cannot rely on Social Security or pension checks alone to cover all living expenses. Social Security benefits increase with local inflation, but they replace only about 40 percent of the average worker’s earnings.
Luckily for our readers, Idaho is ranked 8th in “best states to retire.” This is based on a list compiled by the on-line site WalletHub (2018), which compared the 50 states across 41 key indicators of retirement-friendliness. Their analysis examines affordability, health-related factors and overall quality of life.
Scoring in the top 10 are Florida at number one, followed by Colorado, South Dakota, Iowa, Virginia, Wyoming, New Hampshire, Idaho, Utah and Arizona. The bottom 10 states are listed as New York, Alabama, Hawaii, New Mexico, Louisiana, West Virginia, Arkansas, Mississippi, Rhode Island, New Jersey and, at the bottom, Kentucky. (For the full list and other details see https://wallethub.com/edu/best-and-worst-states-to-retire/).
Idaho’s total score on WalletHub’s list was 61.39 points (as compared to the number one state, Florida’s, 66.79 points). Its affordability rank was 11 while its quality of life rank was 20 and health care rank was 25.
If you’re looking for the highest life expectancy, check out Hawaii, Minnesota, California, Connecticut and Massachussetts, while lowest property-crime rate states are New Hampshire, New Jersey, New York, Massachussetts and Maine.