NEW! See Where Minnesota Lands In The 2023 Best States To Retire List
While I know I am young and I have plenty of time, I do worry about retirement and if I will ever get there due to our economy.
Not only this but Wallet Hub shares that “in addition to when to retire, a good question to ask is where. Finding the best states to retire in can be difficult without doing lots of research. 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.”
Woah. As someone who didn’t even realize that where you retire matters just as much as when, I am glad Wallet Hub has done this study. Wallet Hub has shared the best states to retire in and Minnesota ranks pretty well! I am very glad to hear this because even though I want to travel and experience life somewhere else, I love Minnesota, and I plan on spending my last days here, and I’m sure many of you do too.
To determine the best states to retire, WalletHub “compared the 50 states across 47 key indicators of retirement-friendliness. Their analysis examines affordability, health-related factors, and overall quality of life.” After grabbing each state’s weighted average, Wallet Hub shares the best states that let you keep more money in your pocket, without requiring a drastic lifestyle change. Feel free to click here and scroll down to view all the factors they looked at.
Before I share where Minnesota Places here are the top 5 states you should live in to retire with a score total out of 100:
#1 Virginia (57.55)
#2 Florida (57.43)
#3 Colorado (57.41)
#4 Wyoming (55.60)
#5 Delaware (55.49)
A couple of those surprised me, but guess where Minnesota ranks? … at #8!
Here are the other states in the top 10:
#6 New Hampshire (55.00)
#7 South Dakota (53.61)
#8 Minnesota (53.50)
#9 Idaho (53.20)
#10 North Dakota (53.03)
This is cool to see, but I defiantly did not see both North and South Dakota in the top 10 best states to retire in.
Here are a couple more facts about Minnesota ranking number 8!
Minnesota Ranked #40 for affordability, #2 for quality of life, and #1 for Health Care! Let’s go Minnesota! If it weren’t for affordability, we would’ve averaged out to be higher overall.
The only thing that Minnesota is lacking is that we ranked dead last in “Annual Cost of In-Home Services” at good ole #50. Kare 11 also shares that with this data, Minnesota ranked #22 for Adjusted Cost of Living, #28 for WalletHub ‘Taxpayer’ Ranking, #4 for Elderly-Friendly Labor Market, #3 for Life Expectancy, and #18th for Percentage of Residents 12+ Who Are Fully Vaccinated Against COVID-19.
If you are wondering, here is where Iowa and Wisconsin Ranked, as well as the top 5 worst states to retire in:
Iowa: ranked #26 with a score of 48.92
Wisconsin: ranked #21 with a score of 50.90
#45 Louisiana (43.90)
#46 New York (43.69)
#47 Oklahoma (43.61)
#48 Mississippi (40.80)
#49 New Jersey (40.23)
#50 Kentucky (38.80)