Ranking the top states to retire to in 2024
Many Americans spend the majority of their lives working toward retirement, but one of the biggest decisions you have to make before heading into your so-called golden years is where you're ready to settle down.
Luckily, Bankrate is hoping to make that decision a little easier for those nearing the end of their working lives and has compiled a list of the best states to retire in 2024.
The states were evaluated based on things like affordability, overall well-being, health care, weather and crime.
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According to the report, Delaware is now the No. 1 place for retirees to settle down in the U.S., followed by West Virginia, Georgia, South Carolina and Missouri.
While The First State may not pop into mind as one of the most glamorous places for older Americans to enjoy their retirement, Bankrate noted Delaware's tax-friendly laws, diverse population and rather temperate climate as good reasons for retirees to call it home.
Meanwhile, when it comes to the worst states to retire, Alaska can be found at the bottom of the list for a second straight year, followed by New York, Washington, California and North Dakota.
The report cited factors in those states like high crime and cost of living, as well as poor quality of health care services and turbulent weather patterns as reasons older Americans may want to look elsewhere before settling down.
Click here to see the full list of Bankrate's best and worst states to retire in 2024. You might be surprised to see where your state lands!
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However, before making that offer on a new beach house in Delaware or packing your bags to catch a flight out of Alaska, it's important to consider your financial situation before deciding on a retirement location.
A study conducted by Northwestern Mutual's 2024 Planning & Progress showed a record number of Americans — 4 million — will reach retirement age this year, but only half of those retiring feel financially ready. According to the study, about 37% of boomers and 42% of Gen Xers are concerned about outliving their savings, and over a third of both groups haven't taken any steps to address that risk.