FOX Business’ Ashley Webster talks to diners in The Villages in Florida about retirement after a Northwestern Mutual survey claims it will take $1.46 million to retire comfortably.
Looking to retire, but not crazy about living in Florida? Financial analysts recently put together a study highlighting the best states in which to retire.
Personal finance company WalletHub recently published a research summary determining which U.S. states are the best to retire in 2025.
While Florida remains a popular retirement location, the study found that four other states — one Midwestern and three Western — were also ideal locations.
The study, Best and Worst States to Retire, prioritized three key categories: affordability, quality of life and healthcare. A total of 46 relevant metrics were used, and analysts weighed the population of senior citizens per state and the adjusted costs of living heavily.
Here are the results of WalletHub’s study, in order of the worst to best states in which to retire:
WalletHub analyzed every U.S. state to determine which were best to retire in and found a Midwestern state ranked second. (iStock / Getty Images)
STUDY RANKS US STATES WITH MOST FINANCIALLY-DISTRESSED RESIDENTS — SEE THE LIST
50. Kentucky
49. Louisiana
48. Mississippi
47. Washington
46. New Mexico
45. New Jersey
44. Rhode Island
43. West Virginia
42. Arkansas
41. Hawaii
40. Indiana
39. Oregon
38. Tennessee
37. Alabama
36. Maryland
35. New York
34. Illinois
33. Oklahoma
32. George
31. Kansas
30. Arizona
29. Connecticut
28. Nevada
27. Nebraska
26. Texas
25. Michigan
24. Idaho
23. Massachusetts
Affordability was considered a key metric of the study. (iStock / iStock)
22. Montana
21. California
20. South Carolina
19. Ohio
18. Utah
17. Vermont
16. Iowa
15. Maine
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14. Alaska
13. Missouri
12. North Carolina
11. Virginia
10. Wisconsin
9. North Dakota
8. Delaware
7. New Hampshire
6. Pennsylvania
5. South Dakota
4. Wyoming
3. Colorado
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Florida ranked high on WalletHub’s list of best states to retire in. (iStock / iStock)
2. Minnesota
1. Florida
While the Sunshine State still reigns as the best state to retire in, the other four top states – one Midwestern and three Western – may be surprising.
Analysts found that Minnesota’s health resources made it an attractive state to retire in.
“Minnesota has the most health care facilities, the second-most nursing homes, and the third-most home health care aids per capita,” the study said. “Its geriatrics hospitals also rank as the fifth-best in the nation.
“Due to the great health care conditions within the state, Minnesota has the third-lowest percentage of seniors with a disability, the fourth-lowest percentage with poor mental health, and the fifth-highest percentage who are in good physical health.”
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WalletHub noted that Colorado has no inheritance or estate tax, making it an attractive option for retirees. (iStock / iStock)
WalletHub said Colorado was a “great state for retirees’ physical and mental health,” and noted the lack of estate and inheritance taxes there.
“It has one of the lowest rates of social isolation for seniors, and it boasts the 10th-best geriatrics hospitals in the country,” the study said of the Centennial State. “It also has the fourth-highest percentage of seniors who are in good health and the third-highest percentage who are physically active.”
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Researchers also found Wyoming ranked highly for quality of life and affordability, though it ranked relatively low for healthcare. South Dakota was the opposite, having slightly above-average quality of life and affordability scores but rating highly on healthcare.