Retired mug. (Credit: Shopify)
New Jersey narrowly avoided being named the worst state in America to spend one’s retirement in a study released Tuesday, but the second-to-last-place ranking by the financial website WallettHub is no prize.
The website used a formula ranking several factors – mainly derived from the cost of living, healthcare services and quality of life – to compare all 50 states. New Jersey’s most dismal rankings were in health care facilities per capita (47th), elderly-friendly labor market (46th) and tax burden (41st). Its overall quality of life ranking was also 47th out of 50 states.
The worst state to retire to is Kentucky, the study found. Rounding out the worst five are Rhode Island, Mississippi and Arkansas.
The same study listed the five best states to retire to as Florida, Colorado, South Dakota, Iowa and Virginia.
The entire report can be found here, with all deeper rankings included.
“In order to choose a place to settle for retirement, you must carefully consider various factors such as your finances, health and how you plan to spend your time,” the report said, also finding that 30 percent of all nonretired adults have no retirement savings or pension.
