Individuals should consider a number of factors when choosing a retirement location, such as the state tax rate, crime statistics and the cost of living. Future retirees must determine what characteristics matter most to them and research various states to determine which location best fits their needs.Continue Reading
AARP suggests that older adults also consider the average life expectancy of potential retirement states, as well as employment opportunities for those who may need to supplement their income. In 2012, the organization ranked Hawaii as the best state for retirement due to its comfortable weather and high life expectancy. Idaho came in second place, based on its low crime rate and cost of living.
Wyoming is the best state for retirees as of 2015, according to Bankrate. The state earned this designation based on its natural landscape along with its affordable cost of living and low crime rate. Wyoming residents also paid the lowest income tax rate in the country.
If weather factors into the decision-making process, Colorado ranks high with an average temperature of 70 degrees in the summer months and 31 degrees in the winter. For retirees who crave warm temperatures all year round, Florida and other southern states provide the heat.Learn more about Financial Planning