The 12 Best States for an Affordable Retirement: 2024

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In a report published Monday, Bankrate noted that surveys it has conducted in recent years show that most Americans feel they are behind on their retirement savings. With the added burden of inflation, which has surged since 2020 and pushed up the cost of living, many people have been forced to stretch their retirement assets, alter their post-work plans or both.

For retirees considering where to spend their later years, especially those in straitened financial circumstances, affordability may be the key factor in deciding whether to move or stay put, ahead of weather, nearness to family or sense of community.

Bankrate analyzed numerous data points in each state to rank the best and worst states for retirement. Researchers based the ranking on five broad categories:

• Affordability, 40% of the ranking
• Overall well-being, 25% 
• Cost and quality of health care, 20% 
• Weather, 10% 
• Crime, 5% 

Bankrate said these categories demonstrate that many factors go into deciding where to move in retirement, but it weighed affordability heaviest in the ranking to reflect the challenges that many Americans face with their retirement savings and the rising cost of living across the United States.

See the accompanying gallery for Bankrate’s list of the 12 best states for retirement in 2024.

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