MINNEAPOLIS — Mention the word "retirement" and many people envision sunshine and sand beaches that seem to go on forever.
As it turns out, a northern haven with icy cold winters isn't a terrible option either.
New research by personal finance website WalletHub found that Minnesota is the 8th-best state to retire in, based on results in 46 key metrics from three key dimensions: affordability, health-related factors and overall quality of life.
WalletHub said many Americans fear that they might never get to retire, which is understandable when 28% of non-retired adults haven't saved any money for retirement, and currently Social Security benefits replace about 37% of the average worker's earnings.
“Being retired brings freedom, but it also naturally is a time of financial constraint, with many seniors living on a fixed income," said WalletHub analyst Cassandra Happe. "To make the most of your retirement savings, you should retire in a state where the cost of living and tax rates are friendly to retirees, if you have the resources to. You should also consider factors like the quality of the state’s healthcare system and the abundance of activities that you enjoy.”
Here are some of the categories that led to Minnesota's 8th-place finish.
- 24th – Adjusted Cost of Living
- 30th – WalletHub ‘Taxpayer’ Ranking
- 3rd – Elderly-Friendly Labor Market
- 31st – % of Population Aged 65 & Older
- 3rd – Life Expectancy
- 1st – Health-Care Facilities per Capita
- 1st - Theaters per capita
- 50th - Annual cost of in-home services
The top five states to retire, according to WalletHub, are Florida, Colorado, Virginia, Delaware and Wyoming. The worst five states are Oklahoma, Rhode Island, Mississippi and New Jersey, with Kentucky coming in dead last.
Along with the rankings, WalletHub conducted a survey that reflects some of the biggest concerns of Americans as they creep closer to retirement age.
- Americans worry about retirement. More than 3 in 10 people feel anxious when thinking about retirement.
- Too many people lack a plan. More than 1 in 3 Americans don’t have a solid plan to finance their retirement.
- Nearly half the nation lacks confidence. 46% of Americans are not confident they will have enough money to retire.
- Many people may never retire. 39% of people say they expect to work until they die.
- Debt takes precedence. More than 3 in 5 Americans think paying off debt is more important than making retirement contributions.
- Many people are obsessed with retirement. 31% of people think about retirement all the time.
For the full report and how the research was conducted, check out the WalletHub website.
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