Best States to Retire 2023
After years of hard work and service, a happy, secure, and affordable retirement is only fair. So where is the Best Place to Retire in 2023?
To decide, is important to answer key questions like how much will you spend on housing in your retirement? Is the tax rate higher? What activities can you do when you retire? Will you have affordable health centers near you?
To help answer these questions, Scholaroo’s team has conducted an analysis across the 50 states through 38 key metrics distributed in 5 relevant categories (Affordability, Entertainment, Healthcare, Safety, and Wellness) to find which is the Best State to Retire.
In this ranking, Connecticut is in the number one position, followed by Pennsylvania, and Ohio.
Keep reading to find out which is our Top 10 Best States to Retire in 2023!
Best States to Retire 2023
Key Findings
- The top 5 states to retire in 2023 are Connecticut, Pennsylvania, Massachusetts, and North Carolina.
- Americans value affordable healthcare, affordable cost of living, quality of life, and safety when it comes to choosing a place to retire.
- Midwestern and East states scored well in the ranking for affordability, healthcare, safety, and wellness. The top 10 states to retire are from the East and Midwest regions of the country.
#1 Connecticut
Population: 3,626,205
Social security income taxes: Yes
State taxes: 5.5%
In-home healthcare cost: $4,195
Home value: $318,096
Beautiful Connecticut ranks first, with more than 100 parks for retirees to enjoy, making it one of the top-ranked wellness states. It is also one of the places in America with the lowest percentage of uninsured seniors (3%).
#2 Pennsylvania
Population: 12,972,008
Social security income taxes: No
State taxes: 3.07%
In-home healthcare cost: $3,993
Home value: $254,612
Pennsylvania is shown to be one of the most tax-friendly states for retirees since there are no taxes for them there. In addition, they have a wide availability of nurses and nursing homes at their disposal. It ranks as the number one state in Medicaid per capita expenditures.
#3 Massachusetts
Population: 6,981,974
Social security income taxes: No
State taxes: 5%
In-home healthcare cost: $4,767
Home value: $563,002
The state offers retirees the best health care in the country. It has the lowest percentage of uninsured over 65, a large number of nursing homes, as well as good hospice care. It is also one of the top states in quality geriatric care.
#4 North Carolina
Population: 10,698,973
Social security income taxes: No
State taxes: 4.99%
In-home healthcare cost: $3,476
Home value: $277,265
This state has a lot to offer between its mountains and windswept beaches, North Carolina offers a mild climate and a multitude of amenities that make it attractive to retirees. It also has a good supply of quality public hospitals and a low crime rate against seniors.
#5 New Hampshire
Population: 1,377,529
Social security income taxes: No
State taxes: 5.00%
In-home healthcare cost: $4,576
Home value: $403,094
The Granite State has one of the lowest rates of violent crime. In addition, the quality of public hospitals and hospice care is among the best in the country. It also has one of the lowest rates of seniors living in poverty.
#6 Virginia
Population: 8,683,619
Social security income taxes: No
State taxes: 5.75%
In-home healthcare cost: $3,623
Home value: $381,195
The mother of states ranks 6th for the high quality of its public hospitals, low percentage of food insecure, elderly people living in poverty, and low violent crime rate.
#7 Minnesota
Population: 5,706,504
Social security income taxes: Yes
State taxes: 6.80%
In-home healthcare cost: $4,767
Home value: $320,946
The land of 10,000 Lakes is the #7 state due to one of the highest availability of nurses, geriatric providers, and the low percentage of elderly living in poverty. It is also one of the states with the fewest violent crimes committed against its residents.
#8 Ohio
Population: 11,756,058
Social security income taxes: No
State taxes: 3.23%
In-home healthcare cost: $3,779
Home value: $212,276
The Buckeye State has multiple health advantages for retirees, due to the high availability of nurses and a large number of nursing homes. It is also one of the states with the lowest percentage of food insecurity among the elderly.
#9 Indiana
Population: 6,833,037
Social security income taxes: No
State taxes: 3.23%
In-home healthcare cost: $3,718
Home value: $214,548
Indiana is the most affordable state for retirees as it has one of the lowest costs of living and one of the lowest home prices in the US. Also, income from Social Security is exempt from the state income tax.
#10 Michigan
Population: 10,034,113
Social security income taxes: No
State taxes: 4.25%
In-home healthcare cost: $3,909
Home value: $229,378
The Great Lakes State is a fiscally favorable state for retirees, as well as being one of the most affordable. It can be added that it is a safe state with great access to nature and its stunning lakes.
FAQs
What is the best state to retire in?
The best state to retire in 2023 is Connecticut.
What is the cheapest state to retire in?
The cheapest state to retire in is Indiana. It has the lowest inheritance tax and the lowest percentage of taxes apply to social security income per state. In addition, Indiana ranks among the 10 states with the best cost of living in the country.
What is the worst state to retire in?
The worst state to retire in the U.S. is New Mexico. Retirees residing in New Mexico experience one of the lowest levels of healthcare access, as they have limited options concerning public hospitals and hospice care. Additionally, their life expectancy ranks among the lowest in the country.
Methodology
In order to determine which is the best state to retire in the U.S., TOP Data compared the 50 states across five key dimensions:
1. Affordability
2.Entertainment
3.Healthcare
4.Safety
5.Wellness
We evaluated those dimensions using 38 relevant metrics, which are listed below with their corresponding weights. Each metric was graded on a 100-point scale, with a score of 100 being the max.
Finally, we determined each state’s weighted average across all metrics to calculate its overall score and used the resulting scores to rank-order our sample.
Affordability (25 points)
Cost of living: Double Weight (5.56 points)
Note: The index of groceries, housing, utilities, transportation, health, and miscellaneous in 2022 Annual Averages.
Inheritance tax: Half Weight (1.39 points)
Note: Inheritance rate per state.
Social Security Income Tax: Regular Weight (2.78 points)
Note: Percentage of taxes apply to social security income per state.
In-home healthcare cost: Regular Weight (2.78 points)
Note: Average cost of home care nurses per month.
Home value: Half Weight (1.39 points)
Note: Average home value per state.
Change in home value: Half Weight (1.39 points)
Note: Increase in home prices between 2021 and 2022.
Geriatric care cost: Regular Weight (2.78 points)
Note: Cost of geriatric care available per state.
Elderly living in poverty: Double Weight (5.56 points)
Note: Percentage of people 65 and older living in poverty.
State income taxes: Half Weight (1.39 points)
Note: Percentage of taxes state by a single filler in 2022.
Entertainment (20 points)
Museums: Regular Weight (2.50 points)
Note: Number of museums per capita.
RV Parks: Regular Weight (2.50 points)
Note: Number of RV parks, and recreational camps per capita.
Theaters: Regular Weight (2.50 points)
Note: Number of theaters per capita.
Bingo Halls: Regular Weight (2.50 points)
Note: Number of bingo halls per capita.
Golf Courses: Regular Weight (2.50 points)
Note: Number of golf courses per capita.
Restaurants: Regular Weight (2.50 points)
Note: Number of restaurants per capita.
Malls: Regular Weight (2.50 points)
Note: Number of malls per capita.
Casinos: Regular Weight (2.50 points)
Note: Number of casinos per capita.
Healthcare (25 points)
Nurses available: Double Weight (3.70 points)
Note: Number of active nurses available per 1,000 population.
Retirement houses: Double Weight (3.70 points)
Note: Number of retirement houses available for the elderly per capita.
Quality of public hospitals: Double Weight (3.70 points)
Note: Quality ranking for public hospitals.
Elderly physically active: Half Weight (0.93 points)
Note: Percentage of adults ages 65 and older who do physical activity.
Life expectancy: Regular Weight (1.85 points)
Note: Average mortality age.
Hospice care quality: Regular Weight (1.85 points)
Note: Quality of hospice care.
Geriatric providers: Double Weight (3.70 points)
Note: Number of family medicine and internal medicine geriatricians and nurse practitioners per 100,000 adults ages 65 and older.
Preventive Clinical Services: Regular Weight (1.85 points)
Note: Ranked preventive clinical services measures.
65+ uninsured rate: Regular Weight (1.85 points)
Note: Percentage of the population not covered by private or public health insurance.
Medicaid Per Capita Expenditures: Regular Weight (1.85 points)
Note: Average annual Medicaid expenditures per capita.
Safety (10 points)
Organizations and assistance services for the elderly: Regular Weight (1.67 points)
Note: Count of state government agencies and other resources dedicated to securing the safety of the elderly.
Deaths from Falls: Regular Weight (1.67 points)
Note: Number of 65+ deaths per capita due to falls.
Crimes against the elderly: Double Weight (3.33 points)
Note: Count of victims of crimes related to credit card fraud, extortion, and investment, per state.
Money lost in crimes against the elderly: Regular Weight (1.67 points)
Note: The amount of money lost by the elderly because of crimes.
Violent crimes: Regular Weight (1.67 points)
Note: Number of murders, rapes, robberies, and aggravated assaults per 100,000.
Wellness (20 points)
Air quality: Regular Weight (3.08 points)
Note: Average exposure of the general public to particulate matter of 2.5 microns or less measured in micrograms per cubic meter.
Weather mildness: Doble Weight (6.15 points)
Note: The rate of change in the climate of the highest and lowest temperatures in 2022.
Access to nature: Regular Weight (3.08 points)
Note: Percentage of state and national park coverage.
Drinking water violations: Regular Weight (3.08 points)
Note: Percentage of the population served by community water systems with a serious drinking water violation during 2021.
Non-smoking regulations: Half Weight (1.54 points)
Note: Percentage of population covered by 100% smoke-free laws for restaurants, bars, and non-hospitality workplaces.
Elderly food insecurity: Regular Weight (3.08 points)
Note: Percentage of households unable to provide adequate food for one or more household members due to a lack of resources.
