From horse racing to college basketball, Kentucky is known for many things. But it may not be the best state to spend your post-work years.
Kentucky ranks as the worst state to take up retirement in 2023, according to a WalletHub study. This year, the state landed in last place which was occupied by New Jersey in 2022.
WalletHub ranked all 50 U.S. states based on three key categories: affordability, quality of life and health care. The categories used data from several sources, including the U.S. Census Bureau, the Council for Community and Economic Research, the Centers for Disease Control and Prevention and the Tax Foundation.
A state's ranking was determined by how well it scored across all three categories. That means that even if a state ranked highly in one category, a much lower ranking in another category could lower its overall position.
Although Kentucky ranked 33rd for affordability, it came in 41st in quality of life and 46th for health care. On the other hand, Virginia, which was ranked as the best state to retire in, scored 16th place in affordability and 11th in both quality of life and health care.
Here are the 10 best and worst states to retire in 2023, according to WalletHub:
That's not to say Kentucky, or any of the lowest-ranked places, aren't good places to retire for certain people.
Everyone's idea of the "perfect" place to retire is different and will be influenced by a variety of things. Some people may prioritize retiring closer to their family, while others may want to move to a state with a lower cost of living.
Although retirees often seek less expensive states with lower taxes, they should also keep in mind that many states have political and religious orientations and weather conditions that may "detract from their otherwise favorable financial environments," Stephen Golant, a University of Florida professor, said in WalletHub's report.
"Before permanently moving to a new location, retirees should spend some vacation days scoping out its both desirable and undesirable features," Golant advised.
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As an enthusiast and expert in retirement planning and state comparisons, it's evident that my knowledge extends beyond the surface, delving into the nuances that make a location suitable for post-work years. Drawing on a wealth of information and understanding the intricacies involved in evaluating retirement destinations, I can confidently dissect the elements discussed in the article.
The WalletHub study positions Kentucky as the least favorable state for retirement in 2023, a stark contrast to its predecessor, New Jersey, in 2022. The ranking is determined through a meticulous analysis of three fundamental categories: affordability, quality of life, and healthcare. WalletHub's approach is comprehensive, incorporating data from reputable sources such as the U.S. Census Bureau, the Council for Community and Economic Research, the Centers for Disease Control and Prevention, and the Tax Foundation.
Kentucky's retirement appeal, or lack thereof, becomes clearer when dissecting its individual category rankings. While the state is relatively more affordable, securing the 33rd position in this aspect, it falls significantly in quality of life, securing the 41st spot. Moreover, its healthcare ranking is particularly worrisome, standing at 46th place.
Conversely, Virginia emerges as the top choice for retirees in 2023, displaying prowess in all three categories. The state's 16th place in affordability, combined with an impressive 11th place in both quality of life and healthcare, cements its position as the most favorable state for retirement according to WalletHub.
The article underscores a crucial point often overlooked in retirement planning – the subjective nature of the "perfect" retirement destination. It acknowledges the diversity of individual preferences, urging retirees to consider factors beyond financial aspects. The advice of Stephen Golant, a University of Florida professor, emphasizes the importance of personally assessing both desirable and undesirable features before making a permanent move.
In conclusion, while Kentucky may hold the undesirable title of the worst state for retirement in 2023, it's essential to recognize that individual priorities and preferences play a significant role in determining the ideal retirement location. This nuanced understanding, coupled with a thorough analysis of various factors, ensures a more informed and personalized retirement decision-making process.
Of the ten worst states to retire in, Kentucky holds the unfortunate distinction of being No.1, followed by New Jersey, Mississippi, Rhode Island, Oklahoma, Louisiana, New York, Washington, Arkansas and Illinois.
The average dual-income household brings in $125,841 per year—only 26.05% more than the minimum for basic costs, leaving Hawaiians a slim margin to work with. Housing is one of the largest expenses in Hawaii, second only to California.
Florida. Once again, Florida leads our list of best states to retire, as it's one of the most affordable places for retirees. Why? Florida is a “very tax-friendly state” with no state income tax and no tax on pension income — which is great for people who want to enjoy their retirement fund to its fullest potential.
1. Barnstable, MA. Coming in at the top of the happiest cities to retire in the U.S. list is Barnstable. Located on Cape Cod, its beachside beauty attracts retirees, making it one of the top three cities for residents 65 and up.
The cheapest states to live in are Mississippi, Oklahoma, Kansas, Alabama, Georgia, Missouri, Iowa, Indiana, West Virginia, and Tennessee. Mississippi is the cheapest state to live in in the US, with a cost of living index of 85. The second cheapest state to live in is Oklahoma, with a cost of living index of 85.8.
Five of the 10 most affordable states — Wyoming, Idaho, Colorado, Delaware and Tennessee — rank among the nation's most tax-friendly, according to a Kiplinger analysis. The least affordable states for retirees are clustered on the coasts: Massachusetts, New York, Connecticut, New Jersey and California.
Iowa is the best state overall for retiring. Washington is the worst state for retiring. Florida is the safest state overall for retirees, followed by Wyoming. Florida, Hawaii, and Louisiana are the warmest states to retire to if you don't mind some humidity.
When it comes to the most affordable best state to live in USA, Mississippi takes the crown as the cheapest state. With a cost of living index of 85, it offers residents a significant economic advantage. Following closely behind as the best state to live in USA is Oklahoma, with a cost of living index of 85.8.
Introduction: My name is Aron Pacocha, I am a happy, tasty, innocent, proud, talented, courageous, magnificent person who loves writing and wants to share my knowledge and understanding with you.
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