When the time comes to retire, no one wants to sacrifice their standard of living or quality of life to make ends meet on a fixed income. Therefore, there are several factors to consider when it comes to choosing an affordable place to retire, and it's down to much more than just cost of living. WalletHub, the personal finance website, has released its annual list of the best places to retire in the U.S. in 2016.
The site considered all 50 states plus the District of Columbia in their rankings, looking at 24 different metrics including affordability, quality of life, crime rates, recreational activities and health care. The bulk of each score came from the affordability rating.
A retiree favorite, Florida, came in at the top spot. In WalletHub's 2015 list of the best cities to retire in the U.S., Tampa, Florida was the top city. Three other cities from the Sunshine State also made it into the top 10. The southeastern state is known to be a retirement haven thanks to its warm climate, outdoor recreational activities and friendly tax laws.
Advertisement
Check out the top 10 states below and head over the WalletHub to see the full list and methodology. In case you're curious, Rhoda Island scored at the bottom of the list, with the lowest affordability and one of the worst retiree taxpayer rankings.
1
Florida
Dennis Macdonald via Getty Images
The Sunshine State takes the top spot on the list thanks to its affordability and quality of life. It ranked second and third, respectively, in those categories, among the states.
2
Wyoming
Jupiterimages via Getty Images
The northern state is ranked #1 for affordability thanks to its lack of a state income tax and taxation on Social Security benefits.
3
South Dakota
RiverNorthPhotography via Getty Images
South Dakota, home to the famous Mount Rushmore, took the top spot in the health care category.
Advertisement
4
South Carolina
Aimin Tang via Getty Images
The coastal southern state boasts plenty of history, charm and affordable living.
5
Colorado
shutterstock
Colorado was in the top 10 states for quality of life and certainly offers many recreational activities to keep retirees busy, everything from historic sites to outdoor sports.
The Lone Star State is one of the top 10 states when it comes to affordability and also ranks high for quality of life. The large state has a variety of recreational and cultural offerings, too.
8
Montana
Danielrao via Getty Images
The scenic northern state ranked high in categories across the board, coming in at #10 for health care.
9
Nevada
Karl Weatherly via Getty Images
Nevada ranked high for affordability and quality of life. It offers a lot of recreational options including gambling, shows and many outdoor activities.
Advertisement
10
Virginia
benkrut via Getty Images
The eastern state also ranked high for affordability and quality of life. Situated right beside the District of Columbia, it's a much more budget-friendly choice than the nation's capital, which was among the least-affordable places to retire.
