As it turns out, retiring in the “Last Frontier” state might not be the best idea: According to a recent Bankrate survey, Alaska is the worst place for retiring.
Bankrate considered five factors to rank the best and worst states for retirement: affordability (40%), wellness (20%), culture (15%), weather (15%), and crime (10%). The ranking of each state was established using the total combined score.
Alaska received low marks for affordability and weather, which caused it to fall to the bottom of the list. Nevertheless, there are benefits to retiring in the state with the greatest latitude: According to the survey, Alaskans pay the fewest taxes in the country.
According to Bankrate, these are the seven worst states for retiring in 2022.
Alaska Maine California North Mexico Montana Vermont Maryland
New York didn’t finish very low on the list, despite its infamously high cost of living. High marks in the wellness and cultural categories helped the state’s ranking, which now places it somewhere in the middle.
The decision of where to retire involves a lot of subjectivity, according to Bankrate. This ranking’s categories might not accurately represent everyone’s priorities. For many retirees, for instance, settling down is heavily influenced by family proximity.
According to Clark Kendall, head of Kendall Capital Management and author of “Middle-Class Millionaire,” “when I see folks retire and move to different regions of the country, 70 to 80 percent of the time, it’s to be close to family.”
In order to gain a sense of what it may be like to live somewhere for a long time, soon-to-be retirees might want to think about traveling to various regions.
Laura Kovacs, a recent retiree and former director of education at the Scottsdale Area Association of Realtors in Arizona, advises Bankrate: “Go to a variety of different places that you seem to be attracted to — places that have a lower cost of living and lower property taxes — and test them out for a while.”
Take some time to visit and preview several locations and lifestyles while you’re still employed, she advises. And if you’re retired, consider renting for a bit before making a decision to buy.
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Don’t forget: At each age, Americans have saved the following amount for retirement.
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