Move over Florida! Virginia Appropriates Sunshine State As America’s New Retirement Capital — While Alabama Scores No. 1 For Cheapest Place To Spend Your Twilight Years
- Florida no longer ranked as the No. 1 state to retire after locals complained they were priced out of the region
- Virginia is now the best place to retire, while Alabama is the cheapest
- Meanwhile, Kentucky was ranked the worst state for retirees
Its beautiful beaches, warm weather and low taxes have long made it a hot spot for older residents looking for a slower pace of life.
But Florida has officially been appropriated as America’s retirement capital after locals complained they were priced out of the Sunshine State.
Research from the financial company Wallet Hub found that Virgina is now the best state for retirement due to its relative affordability and accessible health care.
The study still ranked Florida second, though it marked a downgrade from the top spot last year.
It was followed by Colorado, Wyoming, Delaware, New Hampshire, South Dakota, Minnesota, Idaho, and North Dakota.
Florida officially appropriated by Virginia as America’s retirement capital after locals complained they were priced out of the Sunshine State
The study assessed affordability, quality of life and access to health care and ranked them across 50 states.
Researchers took into account data from several agencies, including the US Census Bureau, the Centers for Disease Control and Prevention and the Council for Community and Economic Research.
Virginia averaged in all three areas — ranking 16th for affordability and 11th for both quality of life and health care.
But consistency across the categories won it all the way to first place.
Meanwhile, Florida was ranked 9th for affordability, 4th for quality of life, but disappointed for 28th for health care.
The worst-ranked state was Kentucky, which scored poorly in every category.
It was followed by New Jersey and Mississippi – the latter ranked last for quality of life.
It comes after it was revealed that retirees are now avoiding Florida because of rising home prices, which are higher than wages in the region.
According to the Wall Street Journal, home prices average between $378,000 and $411,000.
Virginia, pictured, scored average for affordability, quality of life, and health care, but still came out on top
The Wallet Hub survey also found that Alabama, pictured, was the cheapest state to retire in
The cost is sky-high compared to the middle income which falls between $57,000 and $67,000.
Retirees would instead move to Alabama’s Baldwin County because of cheaper mortgages and property taxes.
The Wallet Hub survey also found that Alabama was the cheapest state to retire in.
Meanwhile, Hawaii was the most expensive, followed by Massachusetts, California and New York.
The state with the lowest annual cost of home services was West Virginia, while Minnesota was the most expensive.
Red-hot inflation and the rising cost of living have hit retirees the hardest as they often rely on a steady income.
Fidelity found that a measly 29 percent of people are on track to cover all their expenses in retirement, up from 38 percent in 2020
A recent report from Fidelity Investments, the largest provider of 401,000 plans in the US, found that a measly 29 percent of people are on track to cover all of their living expenses in retirement — up from 38 percent in 2020.
A separate Fidelity report found that the average value of a 401k pot fell 20 percent from $130,700 in the last quarter of 2021 to $103,900 in the same period last year.
The decline was attributed to stock market turmoil and inflation.
Although annual inflation in the US cooled to 5 percent last week, it remains stubbornly high compared to the Fed’s target of 2 percent.
As a result, households have been forced to tap into their savings – or even go into debt – to cope with the rising cost of living.