Among the many decisions one must make when entering retirement is where one will actually spend their time. Some may want to stay close to friends and family, while others might prioritize affordable housing, a lower cost of living, and less taxes so retirement income can go further. Other factors include health care access and safety.
To help you make the decision, 24/7 Wall St. reviewed the best and worst states for retirement 2022 from financial services company and personal finance website Bankrate. Bankrate analyzed multiple data points and assigned a weight to each category: Affordability (40%), well-being (20%), culture and diversity (15%), weather (15%) and crime (10%.
States are ranked worst to best using Bankrate’s overall score. For context, we included the 65 and over population and total population for each state, using five-year data from the U.S. Census Bureau’s 2020 American Community Survey.
Each state has pluses and minuses. The state with the most allure for retirees is, not surprisingly, Florida. The Sunshine State scored highest for its year-round sunshine, diversity, and concentration of other older adults. However, that’s tempered somewhat by the state’s propensity to be hit by hurricanes. Housing prices in the state, as Bankrate notes, have risen, but that cost is offset a bit by lower taxes. No. 2 Georgia boasts similar advantages for retirees. (Are these states indeed where retirees are moving?)
A bit of surprise is how well several Midwest states did in the comparison. No. 3, Michigan, ranked first in affordability and scored high marks in low taxes and cost of living as well as health care. Affordability pushed Ohio to fourth place. Also affordable is No. 5 Missouri, where you can enjoy a moderate climate. However, The Show Me State received a low score for crime.
The worst place to retire? According to Bankrate, Alaska received low grades for affordability and, of course, its cold weather. But if you move to Alaska, you’ll pay the nation’s lowest taxes. (Before you retire, consider these eight things about your 401(k).)
Click here for the best and worst states to retire, according to Bankrate.
50. Alaska
> Overall score: 17.31
> Best ranking category: Culture & diversity (#26 best)
> Worst ranking category: Crime (#49 best)
> 65 and over population: 87,629, or 11.9% – 2nd lowest
> Total population: 736,990
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49. Maine
> Overall score: 19.48
> Best ranking category: Crime (#2 best)
> Worst ranking category: Weather (#50 best)
> 65 and over population: 276,567, or 20.6% – the highest
> Total population: 1,340,825
48. California
> Overall score: 21.61
> Best ranking category: Well-being (#6 best)
> Worst ranking category: Affordability (#49 best)
> 65 and over population: 5,644,497, or 14.3% – 6th lowest
> Total population: 39,346,023
47. New Mexico
> Overall score: 21.70
> Best ranking category: Weather (#12 best)
> Worst ranking category: Crime (#50 best)
> 65 and over population: 364,900, or 17.4% – 13th highest
> Total population: 2,097,021
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46. Montana
> Overall score: 21.96
> Best ranking category: Culture & diversity (#10 best)
> Worst ranking category: Weather (#47 best)
> 65 and over population: 198,119, or 18.7% – 6th highest
> Total population: 1,061,705
45. Vermont
> Overall score: 22.22
> Best ranking category: Culture & diversity (#3 best)
> Worst ranking category: Affordability (#45 best)
> 65 and over population: 120,872, or 19.4% – 4th highest
> Total population: 624,340
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44. Maryland
> Overall score: 22.23
> Best ranking category: Well-being (#4 best)
> Worst ranking category: Affordability (#43 best)
> 65 and over population: 930,875, or 15.4% – 8th lowest
> Total population: 6,037,624
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43. Connecticut
> Overall score: 23.10
> Best ranking category: Crime (#4 best)
> Worst ranking category: Affordability (#48 best)
> 65 and over population: 615,466, or 17.2% – 15th highest
> Total population: 3,570,549
42. Hawaii
> Overall score: 23.31
> Best ranking category: Well-being (#2 best)
> Worst ranking category: Affordability (#50 best)
> 65 and over population: 261,207, or 18.4% – 7th highest
> Total population: 1,420,074
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41. Washington
> Overall score: 23.49
> Best ranking category: Well-being (#9 best)
> Worst ranking category: Affordability (#38 best)
> 65 and over population: 1,160,604, or 15.4% – 11th lowest
> Total population: 7,512,465
40. Delaware
> Overall score: 23.76
> Best ranking category: Culture & diversity (#2 best)
> Worst ranking category: Affordability (#39 best)
> 65 and over population: 182,024, or 18.8% – 5th highest
> Total population: 967,679
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39. Louisiana
> Overall score: 24.30
> Best ranking category: Weather (#6 best)
> Worst ranking category: Crime (#48 best)
> 65 and over population: 719,544, or 15.4% – 9th lowest
> Total population: 4,664,616
38. Oregon
> Overall score: 24.33
> Best ranking category: Culture & diversity (#6 best)
> Worst ranking category: Affordability (#40 best)
> 65 and over population: 734,932, or 17.6% – 11th highest
> Total population: 4,176,346
37. Kansas
> Overall score: 24.41
> Best ranking category: Affordability (#20 best)
> Worst ranking category: Culture & diversity (#45 best)
> 65 and over population: 460,917, or 15.8% – 17th lowest
> Total population: 2,912,619
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36. Alabama
> Overall score: 24.59
> Best ranking category: Affordability (#10 best)
> Worst ranking category: Well-being (#46 best)
> 65 and over population: 827,434, or 16.9% – 21st highest
> Total population: 4,893,186
35. Minnesota
> Overall score: 24.64
> Best ranking category: Well-being (#15 best)
> Worst ranking category: Weather (#42 best)
> 65 and over population: 887,576, or 15.8% – 19th lowest
> Total population: 5,600,166
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34. Rhode Island
> Overall score: 24.70
> Best ranking category: Crime (#7 best)
> Worst ranking category: Affordability (#44 best)
> 65 and over population: 182,486, or 17.3% – 14th highest
> Total population: 1,057,798
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33. Idaho
> Overall score: 24.71
> Best ranking category: Crime (#6 best)
> Worst ranking category: Weather (#43 best)
> 65 and over population: 277,744, or 15.8% – 18th lowest
> Total population: 1,754,367
32. Massachusetts
> Overall score: 24.78
> Best ranking category: Well-being (#1 best)
> Worst ranking category: Affordability (#47 best)
> 65 and over population: 1,136,566, or 16.5% – 24th highest
> Total population: 6,873,003
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31. Utah
> Overall score: 24.81
> Best ranking category: Well-being (#10 best)
> Worst ranking category: Culture & diversity (#47 best)
> 65 and over population: 349,010, or 11.1% – the lowest
> Total population: 3,151,239
30. Nebraska
> Overall score: 24.96
> Best ranking category: Well-being (#19 best)
> Worst ranking category: Weather (#37 best)
> 65 and over population: 302,031, or 15.7% – 15th lowest
> Total population: 1,923,826
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29. Arkansas
> Overall score: 25.04
> Best ranking category: Affordability (#8 best)
> Worst ranking category: Well-being (#49 best)
> 65 and over population: 510,117, or 16.9% – 19th highest
> Total population: 3,011,873
28. Colorado
> Overall score: 25.23
> Best ranking category: Well-being (#7 best)
> Worst ranking category: Weather (#44 best)
> 65 and over population: 808,337, or 14.2% – 5th lowest
> Total population: 5,684,926
27. Nevada
> Overall score: 25.28
> Best ranking category: Culture & diversity (#11 best)
> Worst ranking category: Crime (#40 best)
> 65 and over population: 478,020, or 15.8% – 16th lowest
> Total population: 3,030,281
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26. New Jersey
> Overall score: 25.30
> Best ranking category: Well-being (#3 best)
> Worst ranking category: Affordability (#46 best)
> 65 and over population: 1,442,938, or 16.2% – 21st lowest
> Total population: 8,885,418
25. South Carolina
> Overall score: 25.49
> Best ranking category: Weather (#16 best)
> Worst ranking category: Crime (#46 best)
> 65 and over population: 900,696, or 17.7% – 10th highest
> Total population: 5,091,517
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24. North Dakota
> Overall score: 25.63
> Best ranking category: Well-being (#16 best)
> Worst ranking category: Weather (#46 best)
> 65 and over population: 116,406, or 15.3% – 7th lowest
> Total population: 760,394
23. New Hampshire
> Overall score: 25.79
> Best ranking category: Crime (#1 best)
> Worst ranking category: Weather (#45 best)
> 65 and over population: 245,142, or 18.1% – 9th highest
> Total population: 1,355,244
22. Wyoming
> Overall score: 25.83
> Best ranking category: Crime (#7 best)
> Worst ranking category: Weather (#49 best)
> 65 and over population: 95,566, or 16.4% – 25th lowest
> Total population: 581,348
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21. Virginia
> Overall score: 26.05
> Best ranking category: Crime (#9 best)
> Worst ranking category: Culture & diversity (#40 best)
> 65 and over population: 1,314,345, or 15.4% – 10th lowest
> Total population: 8,509,358
20. New York
> Overall score: 26.08
> Best ranking category: Well-being (#5 best)
> Worst ranking category: Affordability (#42 best)
> 65 and over population: 3,221,702, or 16.5% – 25th highest
> Total population: 19,514,849
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19. Oklahoma
> Overall score: 26.13
> Best ranking category: Affordability (#6 best)
> Worst ranking category: Culture & diversity (#46 best)
> 65 and over population: 619,195, or 15.7% – 13th lowest
> Total population: 3,949,342
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18. Indiana
> Overall score: 26.25
> Best ranking category: Affordability (#12 best)
> Worst ranking category: Culture & diversity (#43 best)
> 65 and over population: 1,050,826, or 15.7% – 14th lowest
> Total population: 6,696,893
17. Wisconsin
> Overall score: 26.42
> Best ranking category: Crime (#12 best)
> Worst ranking category: Weather (#38 best)
> 65 and over population: 982,799, or 16.9% – 20th highest
> Total population: 5,806,975
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16. Illinois
> Overall score: 26.45
> Best ranking category: Well-being (#13 best)
> Worst ranking category: Culture & diversity (#31 best)
> 65 and over population: 1,990,426, or 15.7% – 12th lowest
> Total population: 12,716,164
15. North Carolina
> Overall score: 27.17
> Best ranking category: Affordability (#16 best)
> Worst ranking category: Well-being (#38 best)
> 65 and over population: 1,688,354, or 16.3% – 22nd lowest
> Total population: 10,386,227
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14. Iowa
> Overall score: 27.28
> Best ranking category: Crime (#12 best)
> Worst ranking category: Weather (#31 best)
> 65 and over population: 537,401, or 17.1% – 17th highest
> Total population: 3,150,011
13. Arizona
> Overall score: 27.54
> Best ranking category: Weather (#1 best)
> Worst ranking category: Crime (#41 best)
> 65 and over population: 1,262,204, or 17.6% – 12th highest
> Total population: 7,174,064
12. Mississippi
> Overall score: 27.82
> Best ranking category: Affordability (#4 best)
> Worst ranking category: Well-being (#50 best)
> 65 and over population: 474,270, or 15.9% – 20th lowest
> Total population: 2,981,835
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11. West Virginia
> Overall score: 28.04
> Best ranking category: Weather (#8 best)
> Worst ranking category: Well-being (#48 best)
> 65 and over population: 360,246, or 19.9% – 3rd highest
> Total population: 1,807,426
10. South Dakota
> Overall score: 28.06
> Best ranking category: Affordability (#15 best)
> Worst ranking category: Weather (#41 best)
> 65 and over population: 146,831, or 16.7% – 23rd highest
> Total population: 879,336
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9. Pennsylvania
> Overall score: 28.10
> Best ranking category: Crime (#12 best)
> Worst ranking category: Weather (#33 best)
> 65 and over population: 2,335,104, or 18.3% – 8th highest
> Total population: 12,794,885
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8. Tennessee
> Overall score: 28.85
> Best ranking category: Affordability (#2 best)
> Worst ranking category: Crime (#45 best)
> 65 and over population: 1,107,564, or 16.4% – 23rd lowest
> Total population: 6,772,268
7. Texas
> Overall score: 29.07
> Best ranking category: Affordability (#9 best)
> Worst ranking category: Culture & diversity (#48 best)
> 65 and over population: 3,593,369, or 12.5% – 3rd lowest
> Total population: 28,635,442
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6. Kentucky
> Overall score: 29.25
> Best ranking category: Weather (#3 best)
> Worst ranking category: Culture & diversity (#50 best)
> 65 and over population: 729,928, or 16.4% – 24th lowest
> Total population: 4,461,952
5. Missouri
> Overall score: 29.78
> Best ranking category: Affordability (#3 best)
> Worst ranking category: Crime (#42 best)
> 65 and over population: 1,033,384, or 16.9% – 22nd highest
> Total population: 6,124,160
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4. Ohio
> Overall score: 29.79
> Best ranking category: Affordability (#11 best)
> Worst ranking category: Culture & diversity (#34 best)
> 65 and over population: 1,990,621, or 17.0% – 18th highest
> Total population: 11,675,275
3. Michigan
> Overall score: 30.19
> Best ranking category: Affordability (#1 best)
> Worst ranking category: Well-being (#39 best)
> 65 and over population: 1,712,841, or 17.2% – 16th highest
> Total population: 9,973,907
2. Georgia
> Overall score: 30.37
> Best ranking category: Weather (#4 best)
> Worst ranking category: Culture & diversity (#37 best)
> 65 and over population: 1,459,361, or 13.9% – 4th lowest
> Total population: 10,516,579
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1. Florida
> Overall score: 32.04
> Best ranking category: Culture & diversity (#1 best)
> Worst ranking category: Crime (#27 best)
> 65 and over population: 4,347,912, or 20.5% – 2nd highest
> Total population: 21,216,924
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