Home Personal Finance What are the best states to retire in the US in 2023?

What are the best states to retire in the US in 2023?

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As the years go by, that number continues to grow. baby boomer (1946-1964) retired. As the cost of living rises across America, Certain states offer better living conditions for seniors. Retirees who are provided with a private retirement savings account (401(k), Roth IRA, etc.) or a public pension are in a much better position than those who rely solely on Social Security when they retire.

of Federation of Senior Citizens reported by Purchasing power related to social security benefits It has been reduced by about 40% since the early 2000s. Without alternative sources of income, it becomes increasingly difficult to achieve a dignified standard of living. the country’s oldest inhabitants.

Aside from personal reasons that motivate some older people to retire near family or in areas where they have worked for decades, assess the standard of living available to older people when choosing where to settle. There is a need. wallet hubfinancial news site ranked states in three categories: affordability, quality of life, healthcare, and We found that the states with the highest overall scores were Virginia, Florida, and Colorado. At the other end of the spectrum, Kentucky, New Jersey, and Mississippi had the lowest scores.

Virginia Ranks Best State for Retirees

Virginia’s number one position is primarily Health care access and quality of life for retirees in the state.Virginia ranks on both of these indicators 11th in the country and 16th in the Affordability Index. In 2022, state health department reported 7.1 percent of people over 60 live in poverty and 9.4 percent are food insecure. Both of these numbers are lower than the national average in Virginia, suggesting that just because a state is ranked “best” doesn’t mean it doesn’t have real challenges facing its residents. is showing. Nearly 1 in 10 people cannot afford or obtain enough food to sustain themselves, It may seem very unreasonable for Virginia to receive the highest rating..

Bakersfield-based ABC23 spoke with seniors to better understand how they are responding to inflation.

Florida ranks high for affordability and quality of life

For Florida retirees, the benefits are affordability. state governments do not tax income. Social Security beneficiaries who work a little bit on the side may have more income to spare than other states with lower incomes. Subject to both state and federal taxes.

Nevertheless, many elderly households live in poverty and are losing purchasing power year after year. In 2021, Aging Affairs Bureau reported Eleven percent of owner-occupied households and almost one-third of renters over the age of 65 face high cost burdens.

Sunshine ranks 9th for affordability, 4th for quality of life, and 28th for health care, just behind Virginia. The ministry also A quarter of the elderly population is ‘underserved’ and 11% live in areas where residents have no access to healthcare.. Similarly, although it ranks higher than other states, 10 percent of the elderly In Florida, people live in poverty and 13% are food insecure.

Colorado ranks third

In third place is Colorado, which ranks 14th for affordability and 27th for quality of life. In terms of healthcare metrics, Wallet Hub researchers looked at both. Access, quality, outcomes (e.g. health status of people).Rocky Mountain State ranks fifth, higher than his two other states, followed by Minnesota, Massachusetts, Connecticut, Hawaii.

The state ranked 14th for affordability and 27th for quality of life.around it 7.2 percent Of people over the age of 60 in Colorado, they live in poverty. and 13% are food insecure. With regards to healthcare metrics, researchers at Wallet His Hub investigated both. Access, quality, outcomes (e.g. health status of people).

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