Did you know? In 2019, 26% of non-retired adults had no money saved for retirement. Given the financial strains caused by the pandemic in 2020, it is expected that this figure may be even higher now. As a matter of fact, a recent study found that approximately 25% of Americans expect to retire later than originally anticipated due to the economic impact of COVID-19.
In addition to when to retire, many Americans often wonder about where to retire. A recent study by WalletHub set out to determine the best place to retire in the U.S. WalletHub compared the 50 states across 45 key indicators of retirement-friendliness. This analysis examined affordability, health-related factors and overall quality of life.
The Sunshine State
As you may have expected, Florida came in as the top ranked state for retirement. Apparently, many retirees did not need to see the results of this study in order to retire in Florida. Not surprisingly, Florida has the highest percentage of the population aged 65 years or older. Interestingly, the top 10 states for retirement may be somewhat surprising. Below is how the top 10 states graded out:
| Overall Rank | State | Total Score | Affordability | Quality of Life | Health Care |
|---|---|---|---|---|---|
| 1 | Florida | 61.09 | 4 | 6 | 28 |
| 2 | Colorado | 60.94 | 13 | 16 | 5 |
| 3 | Delaware | 58.69 | 5 | 29 | 22 |
| 4 | Virginia | 58.61 | 11 | 7 | 23 |
| 5 | North Dakota | 57.49 | 24 | 18 | 6 |
| 6 | Montana | 57.35 | 12 | 22 | 15 |
| 7 | Idaho | 57.28 | 16 | 11 | 25 |
| 8 | Utah | 57.11 | 21 | 4 | 26 |
| 9 | Minnesota | 56.33 | 37 | 3 | 2 |
| 10 | New Hampshire | 56.29 | 30 | 1 | 9 |
Summary
As if there were not enough reasons to move to Florida already, this study by WalletHub confirms what many Americans already knew. Due to the pandemic, an interesting observation has been the number of working Americans moving to The Sunshine State. Many of these professionals are taking advantage of the remote working environment in our tropical climate. Even though these living conditions may only be temporary, many of these people are purchasing properties in Florida to serve as vacation homes until they reach retirement age.
Are you contemplating retirement in South Florida? At Live South Florida Realty, Inc. we have helped many retirees move to paradise. We are happy to assist you as well. Contact us today!
