5 best states to retire in 2020. After weighing nearly 50 factors in each state, WalletHub determined this is best state to retire in 2020.
At the end of your career, there are two big questions you need to answer: When should you retire, and where should you spend your retirement years?
These are both deeply personal questions that ask you to assess your financial stability, your relationships with loved ones, your needs and what you desire most for the next stage of your life.
WalletHub recently compared 50 states across 47 key indicators of retirement, including affordability, health-related factors and overall quality of life to determine the best and worst states to retire in the U.S.
It’s not a direct answer to the question of where to spend your retirement, but research like this can help you identify what’s most important to you when it comes to deciding where to retire.
5 Best and Worst States to Retire in 2020
Is Florida Really the Best State to Retire in 2020?
Florida is and has been a retirement hotspot for decades, and with good reason. In much of Florida, the climate is humid subtropical with mild winters, apart from the tropical climate in South Florida. It’s also known for its many thriving retirement communities. And, it doesn’t hurt that it’s one of the most tax-friendly states for retirees with no state income tax.
These are all reasons why Florida has remained a safe haven for retirees for so long, but it doesn’t necessarily mean Florida is the best place for you to retire. The best place for you to retire depends on your answers to a variety of questions.
Questions to Ask When Figuring Out What’s Best For You
- What do you want to do in retirement? And, if you can’t answer this question, start with making a list of things you like to do now that you wish you could do more of if you weren’t working.
- How close do you want to be to friends and family? Do you want to fly to see your grandchildren or be located within driving distance? What about your house of worship? Is community important? Do you want to live among like-minded people or do you enjoy a more diverse community? Are you thinking that you like where you live now but just want to move to a smaller, less expensive home?
- Have you thought about living abroad for awhile? Would you enjoy living in Europe or Latin America in your retirement years?
- Most retirees need increased medical services as they retire. Do you have any medical conditions that might require top healthcare practitioners, either doctors or hospitals?
- What type of weather do you feel best in? Do you like seasons? Do you enjoy cold-weather sports or would you be okay if you never saw snow again?
- How much can you afford to spend on housing and other costs associated with retirement? If you sell your current home, can you buy a retirement home without a mortgage?
- And, on that subject, what will your cash flow look like after you stop working? Are you going to stop completely or will you start a small business? Some cities are more expensive than others, but if you’re thinking about taking your knitting to the next level by opening up a shop or selling your sweaters, you may want to live in an area that has plenty of prospective customers.