Best and Worst States to Retire in for 2016

In the past, Florida and Arizona have been at the top of the list when it comes to the best places to retire in the United States. However, in 2016, this has changed. In a surprising turn, Wyoming has beaten out all other states on Bankrate.com’s list of best places to retire.

The strange jump to number one by Wyoming is due to its low cost of living, below-average crime and strong well-being scores in the region. States from the western region make up most of the top five:

  1. Wyoming
  2. South Dakota
  3. Colorado
  4. Utah
  5. Virginia

There are many factors evaluated to analyze how well retirees will do in a state. Some of these are weather and climate, nearby amenities, cost of living, taxes, and more. Since retirees have a fixed income, looking at the cost of living is an important factor.

The five lowest ranked states for retirees are:

  1. New York
  2. West Virginia
  3. Oregon
  4. Arkansas
  5. Louisiana

The reasons for the infamous retirement haven, Florida, getting dropped down to number 28 on the list relates to high crime and lower-than-average healthcare ratings. Arizona, the retirement haven in the west, did okay and ranked in at number nine.

Retiring to the beach always seems like a good idea in theory, but nine out of the worst 12 boarder an ocean or the Gulf of Mexico. Virginia is the only coastal state in the top ten states. Apparently retirees are focusing more on cost of living rather than scenery when looking at potential states for retirement. High cost of living could really take a toll on retirement savings.