Retirement is a topic that brings mixed reactions depending on who you ask. Some dream of the day they won't have to work again, while others worry they might never get the chance to retire.
A lot of this fear stems from the fact that Social Security benefits replace only about 37 percent of an average worker's earnings, according to the Center on Budget and Policy Priorities.
On top of that, 28 percent of non-retired adults haven't saved any money for retirement, according to the Federal Reserve.
Out of all 50 states, the Sunshine State topped WalletHub's list of best states to retire, but with Florida's considerably high cost of living -- some might wonder why it's still the favorite among retirees.
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Florida actually ranked as the fourth best state for affordability -- and WalletHub experts say it's partly due to the state's relatively low taxes for retired people, including no estate, heritance or income taxes.
The cost of adult day health care and homemaker services are also lower than in other states, according to WalletHub's analysis.
See below, WalletHub's top 10 best states to retire.
| Overall Rank | State | Total Score | Affordability Rank | Quality of Life Rank | Health Care Rank |
|---|---|---|---|---|---|
| 1 | Florida | 62.19 | 4 | 1 | 29 |
| 2 | Colorado | 61.00 | 14 | 27 | 3 |
| 3 | Virginia | 60.85 | 11 | 13 | 11 |
| 4 | Delaware | 59.57 | 3 | 34 | 22 |
| 5 | Wyoming | 59.04 | 7 | 7 | 37 |
| 6 | Idaho | 58.46 | 9 | 24 | 24 |
| 7 | New Hampshire | 57.75 | 28 | 8 | 5 |
| 8 | Minnesota | 57.53 | 39 | 4 | 1 |
| 9 | Montana | 57.17 | 21 | 12 | 16 |
| 10 | Pennsylvania | 56.28 | 35 | 2 | 8 |
Researchers examined all 50 states across 46 key indicators of retirement-friendliness -- including not only financial factors, but also property crime rate, access to quality medical care and fun activities available among others.
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Florida ranks among the top states for adult volunteer activities, theater companies, golf courses and country clubs, WalletHub found.
The Sunshine State also has one of the lowest death rates in the nation for people 65 and older.
