The 10 best states in the U.S. to spend your retirement in 2022 (2024)

FAQs

The 10 best states in the U.S. to spend your retirement in 2022? ›

Move over, Florida, a new locale ranks as the best state to retire in. Although in 2022 the Sunshine State was named the No. 1 state to retire in, Virginia has taken the top spot this year, according to personal finance website WalletHub's “2023′s Best States to Retire” study.

Move over, Florida, a new locale ranks as the best state to retire in. Although in 2022 the Sunshine State was named the No. 1 state to retire in, Virginia has taken the top spot this year, according to personal finance website WalletHub's “2023′s Best States to Retire” study.

The top five states to retire, according to the site, are Virginia, Florida, Colorado, Wyoming and Delaware, in that order. You can see the rest of the state rankings in WalletHub's report. WalletHub uses 47 “key indicators” in three areas — affordability, quality of life and healthcare — to calculate its rankings.

Alaska. Alaska is the most tax-friendly state for retirees because it has no state income tax or tax on Social Security.

Fortunately, there are some states that don't charge taxes on retirement income of any kind: Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming.

Why retirees leaving Florida? ›

“In addition to inflation, housing prices and increasing costs of living in Florida, retirees are also leaving for other reasons,” says Dutch Mendenhall, Founder of RAD Diversified REIT. “Higher auto and home insurance along with a 7% sales tax on already high-inflation goods can put a strain on retirement income.”

Countries Natixis ranked as secure retirement locations are mostly concentrated in Europe but also include New Zealand and Australia. The top three countries in the rankings are Norway, Switzerland and Iceland, all of which have life expectancies of 83 years, compared to 77 in the U.S. and the world average of 72.

MoneyGeek's analysis found that Wyoming is the most tax-friendly state in America, followed by Nevada, Tennessee, Florida and Alaska. States that received a grade of A all share something in common: no state income tax. Washington and South Dakota — which both received a B — also have no state income tax.

To acquire the full amount, you need to maximize your working life and begin collecting your check until age 70. Another way to maximize your check is by asking for a raise every two or three years. Moving companies throughout your career is another way to prove your worth, and generate more money.

All of the data below comes from the Census Bureau's 2021 1-year American Community Survey (ACS) Estimates. Hawaii has the lowest property tax rate in the U.S. at 0.27%. The Aloha state has a home median value of $722,500.

Most seniors won't get the maximum monthly benefit

Collecting $4,555 from Social Security every month during retirement might seem nice.

States That Payout the Most in SSI Benefits

The highest paying states for SSI benefits as of 2022 were New Jersey, Connecticut, Delaware, New Hampshire and Maryland. The average disability benefit per month for 2022 for an individual on SSI benefits was $841 per month.

If you have a low living cost and can supplement your income with a part-time job or a generous pension, then retiring on $3,000 a month is certainly possible.

The latest edition of the Best States rankings project finds a new No. 1 and a strong showing from the West and Midwest in the top 10. Utah has taken the No.

What state has the best hospitals? ›

Lancaster, Pennsylvania, ranks as the best place to retire in the U.S. thanks to a high quality of life, a reasonable cost of living and proximity to health care options. READ: The Best Beach Towns to Retire in the U.S.

— According to a new survey, Florida just lost its top ranking as the best place for retirees. The financial website WalletHub found the Sunshine State slipped to No. 2 behind Virginia. Florida actually beat Virginia soundly in two of the three categories, measured including affordability and quality of life.