It turns out that the “Last Frontier” state might be the last place you want to retire: Alaska was ranked the worst state for retirement, according to a new bankrate ranking,
To determine the best and worst states for retirement, Bankrate weighed five categories: Affordability (40%), Wellness (20%), Culture (15%), Weather (15%) and Crime (10). %). The combined composite score was used to determine the ranking of each state.
Alaska was pulled down the list due to affordability and low scores in the season. However, there are still positives to retirees in the northernmost state: According to the report, residents of Alaska bear the nation’s lowest tax burden.
Here are the seven worst states to retire in 2022, according to Bankrate.
- new Mexico
Despite the notoriously high cost of living, New York didn’t come to the bottom of the list. The state’s ranking was boosted by high scores in the wellness and culture categories, placing it somewhat in the middle.
Bankrate acknowledges that there is a lot of subjectivity in choosing a place to retire. The categories in this ranking may not reflect everyone’s preferences. For example, proximity to family plays a major role in deciding where to settle for many retirees.
“When I see people retire and move to different parts of the country, 70 to 80 percent of the time it’s closer to family,” said Clark Kendall, president of Kendall Capital Management and author of “Middle-Class Millionaire.” ” ,
Soon-to-be retirees may consider moving to different places to get a feel for what it might be like to live there for a long time.
Laura Kovacs, former director of education at the Scottsdale Area Association, “Visit different places you’re attracted to — places that have low cost of living and low property taxes — and test them out for a while.” Realtors in Arizona and a recent retiree, tells Bankrate.
“While you’re still working, take some time to preview different types of communities and different types of lifestyles,” she says. “And when you retire, maybe try renting for a while before you go shopping.”