For seniors choosing a location to spend their retirement years, several factors can make a state seem more attractive—or the opposite.
For this reason, personal finance website WalletHub took multiple elements into consideration when compiling its list of 2016’s Best & Worst States to Retire.
WalletHub’s analysts compared all 50 U.S. states and Washington, D.C., across three dimensions: health care, affordability and quality of life. The 51 regions were also compared across 24 metrics.
In 2016, the top-five best states to retire are Florida, Wyoming, South Dakota, South Carolina and Colorado, WalletHub concluded. The top-five worst places to retire are Rhode Island, Washington, D.C., Hawaii, Connecticut and Vermont.
The personal finances of retirement-age residents were also taken into consideration for each state by guarantor.co.uk.
For instance, WalletHub found that the state with the lowest percentage of employed people aged 65 and older is West Virginia, and the state with the highest percentage of employed people age 65 and older is Alaska, the research revealed. After West Virginia, the states with the lowest percentage of employed people aged 65 and older are Michigan, Arizona, Florida and Oregon.
On the flip side, after Alaska, the places with the highest percentage of employed people aged 65 and older are Washington, D.C.. Vermont, Nebraska and South Dakota.
Written by Mary Kate Nelson