10 Worst Retirement States

Deciding where to retire is one of the most important choices you’ll make, involving a range of factors such as cost of living, healthcare, and overall quality of life. A recent analysis by Bankrate.com highlights the states that rank as the least favorable for retirees in 2024, with some results that might surprise you.

How the Rankings Were Determined

Bankrate’s extensive study evaluated all 50 states using five key categories, each weighted according to its relevance in retirement planning:

  • Affordability (40%): This category assesses the cost of living and taxes, which are crucial for retirees on a fixed income.
  • Well-being (25%): This metric considers factors like community and entertainment options, important for a satisfying retirement experience.
  • Healthcare (20%): Quality, cost, and access to health services are essential for older adults who may need more medical care.
  • Weather (10%): Average annual temperatures and natural disaster risks can significantly impact comfort and safety in retirement.
  • Crime (5%): Property and violent crime rates are considered, as safety is a top priority for most retirees.

States were ranked based on these categories, with a higher number indicating a less favorable outcome.

The 10 Worst States for Retirement

The analysis reveals a trend: the least favorable states for retirement tend to be both expensive and cold. Here are the top 10 states ranked as the worst for retirees:

The 10 Worst States for Retirement

  • Alaska: Ranked as the least favorable state for retirement, Alaska performs poorly in almost every category except well-being. Its extreme cold presents a significant challenge for older adults. Although Alaska has no state income tax, high costs for housing, utilities, and healthcare outweigh this benefit.
  • New York: As noted by Visual Capitalist, New York ranks poorly for affordability and also scores below average in weather and healthcare.
  • Washington and California: Despite strong scores in most categories except crime, the high cost of living and taxes negatively impact their overall rankings.
  • Texas: Surprisingly, Texas, with its no income tax and warmer climate, ranks third-worst in well-being, which affects its overall score and places it among the bottom ten.

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