Looking to Retire? Here Are the Top Five States to Consider A new Bankrate study examined which U.S. states are ideal for retirees.
By Emily Rella
Opinions expressed by Entrepreneur contributors are their own.
Retirement is something that many people look forward to, but with sky-high prices on everything from consumer goods to single-family homes, retiring "on time" might start to feel out-of-reach.
But for those looking to make a life change and gear up for retirement, there still are places in the country that are better suited for a relaxing and affordable lifestyle.
A new Bankrate study compared all 50 U.S. states to see which were best for retirees based on five categories that were weighed differently: Affordability (40%), Well-Being (20%), Culture and Diversity (15%), Weather (15%) and Crime (10%).
Based on the data, and unsurprising to many, sunny Florida was ranked No. 1 for the best place to retire, earning above-average scores in the areas of "weather" and ranking first for "culture and diversity" among the 50 states.
Florida's neighbor to the north, Georgia, barely beat out Michigan for the No. 2 spot. The Top 5 was rounded out with Ohio and Missouri.
Florida, which has long been a popular spot for retirees (especially for snowbirds, those who flee the northern state during colder weather months) wasn't necessarily ranked affordable — the state ranked 18th overall for affordability — but other factors like lower crime rates and higher culture and diversity points helped balance out the state's ranking.
According to Census data from 2020, it was estimated that 21.3% of all Florida residents are 65 and older (around 4.638 million), with that the number estimated to break 6 million by 2030.
A separate study by RealtyHop for the month of August showed that two of the most unaffordable housing markets in the country are in Florida, namely Miami and Hialeah.
But for those looking for a slower pace of life at a later stage in life, it looks like Florida still reigns supreme.
