There’s a lot to consider when employees think about retiring. A good question for workers to ask themselves is not only when they plan to retire, but where.
According to recent data from the Federal Reserve, nearly 25% of non-retired adults haven’t saved any money for retirement. But employees may get in better financial shape for their post-work years by relocating to a state that lowers their cost of living without requiring a drastic change in lifestyle.
To help inform employees on the best and worst places to retire, financial website WalletHub has compared states across three key metrics: affordability, quality of life and healthcare.
Affordability was calculated using metrics such as state taxation of income and assets, including estate taxes, as well as cost of living. Quality of life measured areas including crime rates and water and air quality. Lastly, healthcare put weight on areas including facilities, physicians per capita and life expectancies.
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