PHOENIX (3TV/CBS 5) – Retirement means a whole host of financial decisions you’ll have to make at some point in both your personal life and career.
Besides asking yourself when is the best time to retire, you’ll want to consider where to retire too. To help you out, WalletHub released its report on the 2023 Best States to Retire report on Monday.
Check out the following list to see what states made the top 10 lineups. Arizona came in at #20.
- New Hampshire
- South Dakota
- North Dakota
The worst state to retire in was dubbed Kentucky, which a quality of life score at 41 and healthcare opportunities coming in at 46 out of 50. The other bottom 4 states were New York, Oklahoma, Mississippi, and New Jersey. Around a quarter of Americans have no money saved up for retirement, due in part to rising inflation and the COVID-19 pandemic.
Each state was judged by affordability, quality of life, and health care on a 100-point scale with affordability allotted 40 total points, quality of life allotted 30 total points, and healthcare allotted 30 total points.
When it comes to saving, a professor at the University of California Los Angeles Dr. Alan Castel said, “It is important to regularly re-evaluate your budget and future plans that will require financial commitments. While everyone is different, there are helpful resources that can help seniors make clear plans for how to effectively use and enjoy a fixed income, and also incorporate some flexible spending.”
Experts also suggest delaying the start of your Social Security retirement payments until age 70. “Being on a fixed income does mean that you need to think about preparing for the future in a different way. You aren’t usually able to make more money for later on, so that means that savings is important in case something happens,” Dr. Dawn Carr of the Pepper Institute on Aging and Public Policy said.
As inflation continues to rise, impacting daily costs such as grocery bills, gas prices, and other immediate necessities, financial experts are warning the public about stress-related inflation, causing less-than-positive financial choices. “Planning for this could involve evaluating whether one could afford to move and if there are less expensive alternatives that may be more realistic and convenient in retirement,” Dr. Castel said.
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