America’s retirement havens: The best state to spend your golden years revealed – and it is NOT Florida

Forget Florida, because Delaware is considered the best state to live in for retirement due to its reasonable cost of living, affordable yet quality healthcare, and low crime rate.

Delaware, also known as the First State, has overtaken historic retirement haven Florida, which last held the top spot in 2022. Last year, Iowa topped Bankrate’s annual retirement survey.

Meanwhile, Alaska is once again being labeled the worst state for Americans to spend their old age.

The study ranked all 50 states on affordability, overall well-being, quality and cost of health care, weather, and crime, and found that the best and worst states for retirees were geographically diverse.

Delaware was ranked second for its high-quality health care and low taxes. The state has no state or local sales tax. (Pictured: Downtown Wilmington)

The Midwest and the South are among the top five states to live in, while the Northeast and the West are the top five worst states to live in, largely due to differences in cost of living.

Delaware is a particularly tax-friendly state for retirees, with no state or local sales taxes. The state does not tax Social Security benefits and also offers lower property taxes compared to the rest of the country, averaging $1,940 per year.

“The state scores well in racial and ethnic diversity, arts and entertainment institutions per 100,000 residents, and overall well-being. It also has a high share of residents aged 62 and older relative to its population,” said Alex Gailey of Bank interest.

“Earthquakes, tornadoes and hurricanes are also rare and the climate is temperate. The state’s weak spots are the cost of living, crime and health care costs,” Gailey explained.

“While Delaware is a more expensive state to live in, the state scores well on all of the other affordability metrics we included in the rankings: property taxes, combined state and local sales taxes, and homeowners insurance.”

Rehoboth Beach is one of several beaches in Delaware in eastern Sussex County, Delaware

Delaware also has the lowest poverty rate among people 65 and older in the US.

After Delaware, West Virginia, Georgia, South Carolina and Missouri are the top five states for retirement in 2024, while New York, California, Washington and Massachusetts are the bottom five.

After Delaware, the small state of West Virginia ranks second as one of the most affordable states in the country, with a low cost of living, low property taxes and affordable homeowners insurance.

However, the state scored poorly on health care quality and cost. Health care costs were high and there were fewer health care facilities per 100,000 residents in the state.

Georgia rose from 15th to third in the rankings as the cost of living in the state has fallen significantly over the past year.

The quality and cost of health care in Georgia also improved slightly, but overall well-being and crime rates remained poor this year.

South Carolina remained in the Sun Belt and became more affordable compared to 2023, moving from 19th to fourth in the rankings.

The state scored high in weather, and received an “average” rating for general well-being and health care quality and cost.

Missouri comes in fifth and also scores well for affordability, scoring well in cost of living and property taxes.

Affordability weighs in at 40 percent of the ranking. The state struggles with quality of health care, overall well-being, crime and natural disasters.

Alaska is considered the worst state for Americans to spend their old age (Pictured: Downtown Anchorage)

Meanwhile, for the second year in a row, Alaska has been ranked as the worst state to retire in. The state lags behind in affordability and weather.

New York, California, Massachusetts and Washington have been named the worst states for retirees due to rising living costs in the Northeast and West.

“For many Americans, a comfortable retirement is out of reach,” Gailey said.

‘After experiencing high inflation over the past three years, moving to a cheaper home or lower cost of living could be a good alternative for retirees on a tighter budget but who still want to live comfortably in their retirement.’