Nevada Is The Ninth Worst State To Retire

Bankrate.Com Study Examined Seven Categories

July 12, 2018 - 12:33 pm
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NEW YORK (KXNT) - South Dakota is the best state to retire, according to a new Bankrate.com report. Utah, Idaho, New Hampshire and Florida and comprise the rest of the top five.

The study examined seven categories (weightings in parentheses): cost of living (20%), taxes (20%), health care quality (15%), weather (15%), crime (10%), cultural vitality (10%) and well-being (10%).

South Dakota placed first in well-being, second in taxes, 10th in cultural vitality and 12th in health care quality. It's only bottom-half ranking was the weather (#38).

"You need a sophisticated understanding of what will make you happy in retirement," said Bankrate.com analyst Taylor Tepper. "Yes, South Dakotans enjoy a low tax burden, but they are also more satisfied with their lives than anyone else. They savor their day-to-day lives, feel financially secure and have a strong sense of community. Residents in the other top states fell similarly. These attributes may better determine what makes for a satisfying retirement than, say, warm weather," added Tepper.

Utah, Idaho and New Hampshire were also dinged for cold, snowy winters, but they fared very well in the other categories. Utah scored top-10s for taxes, well-being, and health care quality. Idaho did well in crime, health care quality. Idaho did well in crime, health care quality and well-being. New Hampshire had more top-10 rankings than any other state (crime, health care quality, taxes, well-being and cultural vitality). But besides the weather, it also rated poorly in the cost of living metric.

Florida is extremely popular among retirees for its warm weather and low taxes. A relatively high crime rate and subpar grade for health care quality kept the Sunshine State from and even higher ranking.

Among other traditionally popular retirement destinations, Hawaii also did well (#11 overall), but Arizona (#29) and Nevada (#42) did not. The main culprits in Arizona's case were low ratings for cultural vitality and crime. Nevada was dragged down by health care quality, well-being and crime.

The study also found New York is the worst state to retire. The Empire State landed in the bottom 10 of three categories: cost of living (#50), taxes (#49), and health care quality (#41).

New Mexico and Maryland tied for the second-worst spot on the list. New Mexico's main drawbacks were crime and health care quality; Maryland's were cost of living and taxes.