New York State 1 Of Worst States To Retire, Where Is The Best?
A new study discovered Empire State residents should not retire in New York. Where's the best place in the nation to retire?
On Monday, WalletHub released its annual best states to retire list. Once again, New York State did not rank high on the list.
In fact, Wallethub considers New York to be one of the worst places to retire.
New York county map vector outline gray background. Map of New York state of USA with borders and counties names labeled
About 27 percent of non-retired adults don't have any money saved for retirement, according to WalletHub.
To craft its list of best and worst states to retire, Wallethub compared the 50 states across three weighted dimensions:
- 1) Affordability - 40 points
- 2) Quality of Life - 30 points
- 3) Health Care- 30 points
Below is how New York ranked in those three categories. 50 being the worst rating and 1 the best.
Despite ranking near the top for Quality of Life and Health Care, New York's Affordability brought down its overall ranking. After crunching the numbers, WalletHub named New York the 3rd worst state to retire.
American currency and an egg with '401K' on it
"To help retirees find a safe, enjoyable, and wallet-friendly place to call home, WalletHub compared the 50 states across 47 key metrics. Our analysis examines affordability, health-related factors, and overall quality of life," a WalletHub spokesperson told Hudson Valley Post in an email.
WalletHub found out the following when retiring in New York (1=Best; 25=Avg.):
• 48th – Adjusted Cost of Living
• 29th – Annual Cost of In-Home Services
• 48th – WalletHub ‘Taxpayer’ Ranking
• 39th – Elderly-Friendly Labor Market
• 25th – % of Population Aged 65 & Older
• 41st – Health-Care Facilities per Capita
New Jersey was found to be the worst state to retire.
United States of Grunge - New Jersey
Mississippi is the second-worst.
Where are the best places to retire? Below are the WalletHub's Top 5:
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