A recent Bankrate research ranked Iowa as the best state to retire in this year. Florida isn’t the #1 best state for retirement in 2023, this year it dropped to 8th. It isn’t even in the Southeast, in actuality.
Bankrate used data from the U.S. Census Bureau, the Tax Foundation, and the Centers for Medicare and Medicaid Services to identify the states that are the best for retirees. The 50 states were then rated based on five weighted categories:
The main reason retirees choose Iowa is its affordability. According to Bankrate, since most retirees depend on a fixed income, reduced housing expenses in some states may enable them to spend less money overall.
The national median home price as of July 2023 is $422,137. Redfin’s data show that the median property price in Iowa is substantially lower at $232,200.
According to Bankrate, these are the best and worst states for retirement in 2023.
| Top 5 | Bottom 5 | ||
|---|---|---|---|
| 1. | Iowa | 50. | Alaska |
| 2. | Delaware | 49. | New York |
| 3. | W. Virginia | 48. | California |
| 4. | Missouri | 47. | Washington |
| 5. | Mississippi | 46. | Massachusetts |
Because of its high-quality healthcare system and low tax load, Delaware came at number two on the list. Residents of Delaware pay some of the lowest property taxes in the country, and Social Security benefits are not subject to state income tax in Delaware.
In contrast to Iowa, Delaware, in Bankrate’s affordability category, came at number thirty-one.
Florida was named as the best state to retire in 2022, but this year, it dropped to 8th place. Even though retirees may find the Sunshine State to be an appealing alternative due to its pleasant climate, housing costs are frequently high. According to Redfin, the median sale price of a Florida property in June 2023 was $409,100.
Ultimately, where you decide to retire will depend on your personal priorities. Although the cost-effectiveness of a potential retirement destination may be high on your priority list, you may also want to take other aspects into account, such as the activities you’ll have access to and whether you want to be close to family.
And keep in mind that a place might change over time.
“You have to make a decision not only about the way things look today, but whether a place is going to be sustainable and less expensive over the long term,” Larry Sprung, a financial advisor and founder of Mitlin Financial, told Bankrate. “You have to look at the full picture.”
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