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Small State Rises as Best Retirement Destination, Proving Size Isn’t Everything
Alaska Named Worst State for Retirement for Third Year Running Due to High Costs and Healthcare Issues
Alaska has been ranked by CNBC as the worst state in the nation to retire to for the third year running. Five primary criteria are used to determine the ranking: cost and quality of healthcare, weather, crime rates, and affordability. Despite its breathtaking scenery Alaska has low affordability and high healthcare expenditures which makes it a less appealing option for retirees. However, the finest state in the nation to retire to is also one of the smallest showing that quality of life in retirement is not always correlated with size.
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(PHOTO: Tripadvisor)
Alaska‘s Extreme Weather Hurts Retirement Appeal
Alaska has been ranked as the worst state for retirement weather due to its extreme temperatures. During the summer temperatures can range from 45 to 75 degrees Fahrenheit but in winter they can drop to as low as negative 10 degrees Fahrenheit. This harsh climate contributes to Alaska‘s status as the worst state for retirees.
High Cost of Living Impacts Alaskan Retirees
Another major reason why Alaska is the least affordable state for retirees is the high expense of living there. Alaska has generally greater living expenses than the United States with housing costs being 17% higher utilities being almost 50% more and health care costs being nearly 50% higher. while these expenses Alaska is still the most expensive state overall for retirees while being tax-friendly due to its lack of income, estate or inheritance taxes as well as its non-taxation of Social Security and pension benefits.
Expensive States May Still Be Viable for Retirement
Other states with high costs of living, such as New York, Washington, and California also rank poorly for retirement and are considered among the worst states for affordability. However, a higher cost of living does not necessarily mean a state should be dismissed as a retirement destination. Planning for a larger retirement savings may be necessary if considering these more expensive states despite their status as some of the worst for affordability.
Community and Social Connections Crucial for Retirement Quality
Financial aspects are crucial when choosing a retirement location but non-financial factors are also important. Access to social activities and community connections can significantly impact retirement quality even in the worst states for retirement. Experts emphasize that having a sense of community and avoiding isolation is crucial for healthy aging regardless of a state’s overall ranking.
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