Retirement can be one of the most anticipated and exciting times in a person’s life. When the time comes to start this new chapter, it is important to consider all of the factors to make the transition as easy as possible. Diligent financial planning is one of the most important things that can make a senior’s retirement successful, and it is especially helpful to know that there are some states that have better financial environments than others. Whether retirees already live in one of these states, or are looking for a new place to reside, knowing expense expectations can help seniors make the right decision about their future.
In order to help retiring seniors discover this information in a simplified manner, SeniorAdvice.com developed a list of the best and worst states in America for retirement finances. Using SeniorScore™, the first comprehensive data-driven scoring system specifically designed to identify and measure the livability for seniors, the most and least accommodating states for retiring seniors have been identified. By analyzing over 100 variables, and heavily weighing financial factors such as tax rates, cost of living expenses, average income, and senior living costs, we have ranked the states based on retirement financial planning.
The best state for retirement finances also happens to have some of the most beautiful terrain in the country. Wyoming came in at the top of the list due to it’s low nursing home costs as well as low property taxes. When analyzing retirement finance data, a few Southern United States fared well as well. Assisted living costs in Alabama are very low and Louisiana boasts a low cost of living in general. For these and other reasons, Alabama and Louisiana made the top 5 best states for retirement finances list.
Surprisingly, two of the worst states for retirement finances are at opposite ends of the country. California is the number one worst state on the list for seniors who want to retire, based on its financial landscape, according to SeniorAdvice.com. Property, sales and income taxes are all very high in California, and the cost of living is much higher than the national average. Moving on to the opposite coast, Maine also made the list of the worst states in America for retirement finances. The average household income in Maine is lower, yet the cost of living is very high, making it difficult for savers to reach their retirement goals.
Read more about “The Best and Worst States for Retirement Finances.”
Sterling Raskie, MSFS, CFP®, ChFC®
The latest in our Owner’s Manual series, A 401(k) Owner’s Manual, was published in January 2020 and is available on 
A Medicare Owner’s Manual, is updated with 2020 facts and figures. This manual is available on 
Social Security for the Suddenly Single can be found on Amazon at 
Sterling’s first book, Lose Weight Save Money, can be 
An IRA Owner’s Manual, 2nd Edition is available for purchase on Amazon. Click the link to choose the 
Jim’s book – A Social Security Owner’s Manual, is now available on Amazon. Click this link for the 
And if you’ve come here to learn about queuing waterfowl, I apologize for the confusion. You may want to discuss your question with Lester, my loyal watchduck and self-proclaimed “advisor’s advisor”.
Very useful information. Another factor to consider is proximity to existing family roots. It is sometimes undesirable to move away from friends and relatives. So distance from current residence is also important for many.
Very good point – not everyone is willing to pick up and move just to save a few bucks, there are lots of reasons to choose a particular locale to retire to.