Personal finance web site WalletHub in contrast all 50 states throughout 47 key metrics, inspecting affordability, health-related components and general high quality of life.
GOLDEN VALLEY, Minn. — For some, retirement is certainly one of life’s final objectives, a time to benefit from the fruits that come following a long time of toiling at a job or profession.
But the place you retire can have a big impression on how financially comfy you may be in these golden years. Personal finance web site WalletHub says even in essentially the most reasonably priced areas of the U.S., many retirees can not depend on Social Security or pension checks alone to cowl all of their residing bills.
In truth, the Center on Budget and Policy Priorities reminds us that Social Security advantages enhance with native inflation, however they substitute solely about 37% of the average worker’s earnings.
With 25% of all nonretired adults having no retirement financial savings and solely 40% of non-retired adults considering their retirement financial savings are on monitor, WalletHub is releasing its report on 2023’s Best States to Retire. The study compares the 50 states across three key dimensions: WalletHub compared the 50 states across three key dimensions: affordability, overall quality of life and health care. Inside those key dimensions are 47 different metrics that include the tax-friendliness, annual cost of adult daycare, risk of social isolation and access to public transportation among them.
If you plan on hanging your hat in Minnesota upon exiting the workforce the news is pretty good: the Gopher state ranks as WalletHub’s 8th best state to retire in. Here are a few categories where Minny stacks up pretty well.
Retiring in Minnesota (1=Best; 25=Avg.):
- 22nd – Adjusted Cost of Living
- 28th – WalletHub ‘Taxpayer’ Ranking
- 4th – Elderly-Friendly Labor Market
- 3rd – Life Expectancy
- 1st – Health-Care Facilities per Capita
- 18th – Percentage of Residents 12+ Who Are Fully Vaccinated Against COVID-19
The report names Virginia, Florida, Colorado, Wyoming and Delaware as the top five states to retire in, while the bottom five include Kentucky, New Jersey, Mississippi, Oklahoma and New York.
Minnesota was ranked number one in multiple categories, including healthcare facilities and theaters per capita. We are third-highest in life expectancy behind Hawaii and California.
One strike against Minnesota is its ranking as the most expensive place to hire in-home care services.
For more details on the report, including commentary from noted experts on finance, aging and lifespan issues, check out the WalletHub website.
Get the most recent money-saving suggestions from Take KARE of your Money in our YouTube playlist: