Where to Retire? WalletHub Ranks Florida No. 1

To determine the best state for retirement, WalletHub weighed 45 variables, such as affordability and quality of life – and Florida was, and is, No. 1.

For many people, a Florida retirement means warm year-round weather and no shoveling snow. But retirement living is a big decision. It’s not paradise if you run out of money. A state with good healthcare might have a high cost of living and high taxes. A state with affordable housing may have limited access to hospitals.

To determine which U.S. state was best overall for retirees, WalletHub weighed 45 variables, including affordability, quality of life and healthcare. Florida wasn’t the No. 1 state in all categories, but the study determined that Florida, overall, was the No. 1 U.S. state for retirees considering a move.

According to WalletHub, cost is a major concern for many retirees, and “Even in the most affordable areas of the U.S., most retirees cannot rely on Social Security or pension checks alone to cover all of their living expenses.”

WalletHub’s advice: “If retirement is still a big question mark for you because of finances, consider relocating to a state that lets you keep more money in your pocket without requiring a drastic lifestyle change.”

To determine the best places to retire, WalletHub compared the 50 U.S. states based on those 45 key indicators and came up with a score for retirement-friendliness.

In the analysis, No. 1 Florida had a total score of 61.09. For affordability, Florida ranked fourth and for quality of life it ranked sixth.

Source: Florida Realtors®