The Best State to Retire In, According to a New Study

In a shocking turn of events, a new study from Bankrate reveals that the best state to retire in is... not Florida.

Finding the right place to retire can be a major decision — not only is cost of living and quality of health care top of mind, but so are other practical factors like safety, well-being, and weather.

To figure out the best places to live in retirement, Bankrate examined each of those factors in a new study, ranking all 50 American states.

In perhaps a surprising result, the top spot went to Iowa. “With its vast farmlands, peaceful countryside, and friendly locals, Iowa offers a unique retirement experience for many Americans seeking a more relaxed and affordable lifestyle with access to the outdoors and retirement-age communities,” the study said.

The Hawkeye state is particularly appealing for its affordability and lower housing costs, as well as a community of fellow retirees since 20 percent of the state is at least 65 years old.

Coming in second was Delaware, thanks to low taxes and high-quality health care. The third spot went to West Virginia, also bolstered by affordability and low taxes.

The top 10 were rounded out by Missouri, Mississippi, Wyoming, Pennsylvania, Florida, Hawaii, and Nebraska.

While warm-weather havens like Florida might seem like more traditional retirement choices, experts say that some of the more unexpected places might provide a better quality of life.

“It’s important for people to get excited about that next chapter of life,” Kerry Hannon, a retirement expert who wrote "In Control at 50+: How to Succeed in the New World of Work," said in a statement, encouraging Americans to not rule out places that might “seem unlikely.” She continued, “It’s a new adventure, and you should really take the time to do the prep work financially and personally so that you make smart decisions.”

While the enjoying the comforts of home may seem like an easier way to go, relocating can actually have huge economic benefits. “Maybe you can sell your home and move to an area of the country that’s less expensive, and not have to have a mortgage,” Hannon said. “Don’t move necessarily for the sunshine, but maybe for the health care costs.”

On the other end, Alaska received the bottom spot, mostly because of its challenging weather and high cost of living. The other bottom four were also states that are notoriously expensive: New York, California, Washington, and Massachusetts.

To determine the rankings, Bankrate weighted affordability the highest using data from the Council for Community and Economic Research, Tax Foundation, and ATTOM Data Solutions. The next highest factor was overall well-being, using U.S. Census Bureau and Sharecare Community Well-Being Index numbers. Health care was measured also using census bureau data, combined with Centers for Medicare and Medicaid Services Office of the Actuary and The Commonwealth Fund statistics. Finally, weather scores were taken from the National Oceanic and Atmospheric Administration, also accounting for earthquakes from the U.S. Geological Survey, while crime data came from a Federal Bureau of Investigations' report.

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