Where someone chooses to retire is a major life decision. Affordability, weather, and community are all important factors that incoming retirees have to weigh when deciding where to settle down — especially if they are relocating.
The number of Americans retiring, and expected to retire, is growing. This year alone, the U.S. is projected to see a record 4.1 million people turning 65 (the average retirement age). And even more Americans are relying on Social Security payments as their main source of income during retirement, making affordability a key factor when deciding where to live.
“The reality is that most Americans feel behind on saving for retirement, which means affordability is critical,” said Bankrate analyst Alex Gailey. “A move to a more affordable location could be an effective way for soon-to-be retirees to stretch their retirement savings in this economy.”
Read more: Most Americans are worried about outliving their retirement savings
These are the five best — and five worst — states to retire in, according to Bankrate’s analysis of several important factors, including affordability, overall well-being, the cost and quality of healthcare, weather, and crime.
