Who wouldn't want to live out their golden years in the lap of luxury? But many Americans wonder if they'll even be able to retire somewhat comfortably, which means getting the most out of your hard-earned retirement savings is key.
GoBankingRates, a website dedicated to personal finance, analyzed the cost of retirement in all 50 U.S. states plus the District of Columbia. The rankings were based on key factors like cost of living, taxes, banking, the cost of health insurance and more.
"While warmer places like Arizona tend to be popular destinations to retire, our study found that states located on the east coast in general offer retirees the most bang for their buck," Kristen Bonner, lead researcher on the study, said in a release. Bonner said many of the top ranked states had a few things in common, like lower home prices, lower health insurance premiums and higher Social Security benefits.
Check out the best and worst five states to retire rich here and head over to GoBankingRates to see the complete rankings.