NEW YORK (WWTI) — Looking ahead towards retirement? New York might not be the best place.
According to a recent study “2021’s Best States to Retire,” following financial burdens brought forward by the COVID-19 pandemic, many are planning on retiring later than anticipated. However, the study questioned “where” is the best place to do so.
The study conducted by WalletHub compared the 50 states across key indicators such as affordability, health-related factors and overall quality of life. It determined that Florida is the best state to retire in 2021 and New Jersey is the worst.
New York State also ranked poorly, determined the be the second worst state to retire in due poor affordability and one of the worst WalletHub “taxpayer” rankings.
Specific findings for New York State included the following.
- Ranked 5th worst for adjusted cost of living
- 29th for annual cost of in-home services
- 2nd worst WalletHub ‘Taxpayer’ ranking
- 39th Elderly-friendly labor market
- 25% for percent of the population aged 65 and older
- 9th worst for health care facilities per capita
- 6th worst for COVID-19 positive testing rate in the past seven days
Additionally, included below are the top five states to retire in according to WalletHub.
- North Dakota
Visit the WalletHub website for full findings from the study.