If you're looking to make the most of your retirement accounts, you may want to consider relocating. If you're not in one of the top financially beneficial states to retire in, that is. A new study from Bankrate ranks all 50 states from the best to the worst to retire in, based on affordability, quality and cost of healthcare, well-being, weather and crime rate.
At the top of the list: Iowa. Smack in the middle of the country, this Midwestern state's affordability is a big selling point for retirees, especially those on a fixed income. And even relocating can be reasonable for retirees. Iowa ranks third in affordability for retirees overall, 11th in healthcare and 12th in crime. Weather-wise, Iowa isn't looking as appealing, with a 38th place spot for weather, but if you like to stay inside, or travel, Iowa still may be a great home base for retirement.
According to data from Redfin, Iowa’s median home price is $239,400, significantly lower than the nationwide median home price of $388,800. add to that lower than average homeowner's insurance, property taxes, state and local taxes, plus untaxed Social Security, and other exemptions for Iowans 55 and older, retirees can live large in Iowa. Need new retiree friends? Census data shows that nearly 20% of the state's population is 65 and older, and that number may just increase with Iowa's tempting retirement prospects.
Second on the list of most affordable places to retire: Delaware. This small East Coast state is known for low tax liability, plus high-quality healthcare, a great combo for seniors. Other top states include West Virginia (the most affordable), Missouri and Mississippi (the second most affordable).
Looking for a coastal retirement? That will cost you. Bankrate ranks Alaska as the worst state to retire in, with the lowest score for weather and ranking 49th for crime. Second worst: New York, ranking as the least affordable state to retire in, but fourth for well-being and only 15th for crime. California is the third worst place for retirement, the second least affordable, but ranking sixth in healthcare.
The best place, however, may be number nine on the list: Hawaii. Ranking first for weather and well-being, and 12th for healthcare, what more could you want?