NEW YORK (WWTI) — Looking ahead towards retirement? New York might not be the best place—in fact, by some metrics, it’s among the very worst.
That’s according to WalletHub, whose recent study—”2021’s Best States to Retire“—that tracked the financial burdens brought about by the COVID-19 pandemic, many are planning on retiring later than anticipated. However, the study questioned “where” is the best place to do so.
The study compared the 50 states across key indicators such as affordability, health-related factors, and overall quality of life. It determined that Florida is the best state to retire in 2021, and New Jersey is the worst, with New York the second-worst. Vermont ranked in the top half, as the 20th-best state, and Massachusetts was in the bottom, ranking at No. 29.
New York’s poor ranking is because of affordability and one of the worst WalletHub “taxpayer” rankings. Specific findings for New York State include:
- Ranked fifth-worst for adjusted cost of living
- 29th for annual cost of in-home services
- Second-worst WalletHub “Taxpayer” ranking
- 39th elderly-friendly labor market
- 25th for percent of the population over 65
- Ninth-worst for health care facilities per capita
- Sixth worst for COVID-19 positive testing rate in the past seven days
The top five states to retire in, according to WalletHub, are:
- North Dakota