Early retirement could cost you thousands of dollars
A new study by economists from Boston University and the Federal Reserve Bank of Atlanta indicates that only 6% of American workers wait until the maximum age of 70 to claim all possible Social Security benefits.
Where do you want to spend your hard-earned retirement? Where will he go furthest? And where will you be happiest and most comfortable as you age and your priorities change?
These are several of the questions asked when trying to determine where best state to retire will be.
Fortunately WalletHub removed much of the guesswork and compared all 50 states across 47 key retirement-friendliness indicators, including affordability, health-related factors, and overall quality of life.
So which state came out on top? Surprisingly, this time it wasn’t Florida.
Virginia Becomes Best State to Retire
Virginia is the best state to retire in in 2023 according to the study. The state received a total score of 57.55, edging out Florida which received a total score of 57.43.
“One of the main reasons Virginia is the best state to retire in is its taxation, especially its lack of estate or inheritance taxes,” WalletHub analyst Jill Gonzalez told the stations. FOX television. “In terms of quality of life, the state has many miles of shoreline, access to adult volunteer activities, and a low crime rate.”
She continued, “When it comes to the healthcare system, Virginia has top-notch geriatric hospitals, as well as the highest number of dentists per capita, making it a great option for retirees.”
Sunset view of the James River from historic South Richmond, Virginia. (Photo by: Joe Sohm/Visions of America/UCG/Universal Images Group via Getty Images)
Some of the categories that were assessed included: adjusted cost of living, annual cost of home services, museums and theaters per capita, property crime rate and life expectancy.
The following states ranked among the top 10 states to retire:
- Virginia
- Florida
- Colorado
- Wyoming
- Delaware
- New Hampshire
- South Dakota
- Minnesota
- Idaho
- North Dakota
In contrast, Kentucky was ranked the worst state to retire, according to the results.
The following states are ranked among the worst places to retire:
- Kentucky
- New Jersey
- Mississippi
- Oklahoma
- New York
- Louisiana
- Illinois
- Washington
- Maryland
- Arkansas
A new study found that most Americans don’t know how long they expect to live, alarming researchers who say the lack of “longevity literacy” could mean many who believe they are prepared for retirement may run out of funds in their golden years.
Empty lounge chairs are seen on a deserted beach at a resort in Windley Key, March 22, 2020, during the coronavirus disease (COVID-19) outbreak. – The Florida Keys are closed to visitors. Heavily dependent on tourism, in high season Flori
Only 37% of survey respondents answered correctly when asked if they knew American life expectancy who are now 60 years old. And more than half – 53% – said they didn’t know the answer or underestimated how long they were expected to live by six years.
RELATED: Most Americans don’t know their life expectancy; it’s a problem in retirement planning
These results highlight a problem with retirement planningaccording to researchers, who note that a person cannot accurately plan how much to save if they don’t even know how long their savings are likely to last.
“Overestimating people and successful people behave quite similarly in terms of saving for retirement,” said Annamaria Lusardi, academic director of GFLEC. FOX Businessnoting that the data shows that “knowledge of longevity” increases the likelihood that respondents are on the right track with their retirement savings.
This story was reported from Los Angeles. FOX Business contributed.