For many retirees, saying goodbye to the nine-to-five provides the first opportunity in decades to think about moving to a new spot.
Recent research from AgeWave and Merrill Lynch finds that Baby Boomers are now entering the “freedom threshold” -- free from many of the financial and family responsibilities of home, with fewer limits on where they’re going to live.
Those reviewing their options for retirement living should consider a new report from WalletHub, which rates the states on affordability (weighted 40 percent), quality of life (30 percent) and health care (30 percent) to determine the best places to retire now. WalletHub considered more than 30 factors in its ranking, including the cost of living, the cost of in-home services and the availability of cultural amenities like museums and theaters.
Perennial retiree mecca Florida, which scored best in the country on affordability metrics, took the top spot on the list, but retirees who don’t love the heat might find refuge in the second two states: Wyoming and South Dakota.
Rhode Island landed at the bottom of the list, ranking as the worst state for retirement, followed by Alaska, the District of Columbia and Connecticut.
One thing the list doesn’t account for is the location of friends and family. Studies have shown that strong social connections are a key factor in both health and happiness throughout retirement.