Bankrate has come out with their list of the Best States to Retire. Florida, with miles of beaches, golf courses, sunshine, and things to do - did not rank #1. It isn't even in the top ten! In fact, it ranked 28th.
New York, my home state, is the second worse state for retirement, right behind Arkansas.
The best states are Virginia, Idaho, Utah, Colorado, and the number one: Wyoming.
But why didn't Florida get the prized number one spot? Bankrate looked at three things: cost of living, healthcare, and taxes.
For cost of living it ranks 31. That means Florida's cost of living is more expensive than most states. To put it in perspective, Hawaii is the most expensive state, and New York is the third most expensive.
Florida is 35th for healthcare. One would think with all the elderly and all the hospitals, Florida would have done better, but no. If you want the best healthcare (and really cold winters), you will need to go to Minnesota. New York is mediocre at 26, and West Virginia is the worse.
One of the benefits of moving from New York to Florida is the lower taxes. It is no wonder because New York is the worse state in terms of taxes. One could go anywhere and it would be better than New York. Given that contrast, Florida's 22 ranks sounds very good. But not as good as the best state: Wyoming.
Compared to New York? Florida is a paradise. Nearly everyone I talk to dreams of retiring and heading to Florida. Amazingly, that might not be the best decision. However, unless you want to live in a farm state, Florida is probably an OK choice.
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