Retirement savings hit a record: Fidelity Investments
According to a Fidelity Investments report, Americans IRA and 401(k) retirement savings accounts are reaching record numbers. FOX Business’ Ashley Webster with more.
For retirees that settle down at age 65 or older, there are several considerations this demographic takes into account. One of which might include a cross-state move for enhanced financial security or life satisfaction.
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To find out which states the best and worst for retirees, the experts at WalletHub analyzed the 50 U.S. across three key dimensions, including affordability, quality of life and health care.
The dimensions were broken down further into 47 relevant metrics such as adjusted cost of living, tax-friendliness, the population share of those aged 65 years and older, access to public transportation, the number of physicians per capita and quality of geriatric hospitals.
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WalletHub’s top five states for individuals who are age 65 or older are Wyoming, Utah, New Hampshire, Colorado and Florida.
According to the personal finance company’s internal analyst, Wyoming has the “best” tax payer ranking, which has an effective state and local tax rate of eight percent on the median U.S. household. Though, WalletHub’s analyst did note that Wyoming is one state that has the highest annual cost of in-home services as well as the fewest number of theaters per capita – which may have ultimately landed the Cowboy State in fifth place.
Utah, which placed fourth, and Colorado, which placed second, both have the lowest population percentage of those aged 65 and older, according to WalletHub. However, the states ranked high in affordability, quality of life and health care was enough to get added to the best states for retirees list.
New Hampshire placed third on WalletHub’s ranking and is notably the only northeastern state to make it on the top five list. The state has some of the lowest property crime rates in the country but it also has the highest workforce percentage of those aged 65 and older – which may or may not be a good sign for some retirees’ minds.
Not so surprisingly, Florida took first place in WalletHub’s ranking, which has long been known as a paradise retirement hub. So much so, the state has the highest population percentage of those aged 65 and older.
Florida is also home to luxury retirement communities like Sarasota Bay Club and Jimmy Buffett’s Latitude Margaritaville (two locations in the Sunshine State, a third is in South Carolina). ,
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WalletHub’s bottom five states for individuals who are age 65 or older are West Virginia, New Jersey, Rhode Island, New Mexico and Kentucky.
West Virginia placed at 46th on WalletHub’s worst state list, which cited the state’s low life expectancy rate and the fewest number of museums and theaters per capita. However, the southern state had the highest population percentage of those aged 65 and older along with the lowest workforce percentage of those aged 65 and older.
Next on the list were New Jersey and Rhode Island, which placed at 47th and 48th respectively due to both of the northeastern states ranked low in affordability, quality of life and health care. Despite these findings, WalletHub noted that New Jersey has some of the lowest property crime rates.
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New Mexico might not be the worst but it did place as 49th on WalletHub’s ranking. It has the lowest workforce percentage of those aged 65 and older but also the highest property crime rate.
The state that was the dubbed the “worst” for the 65 and older crowd was Kentucky, according to WalletHub.
"Kentucky ranked low in terms of quality of life and health care. The state has a high risk of social isolation, and low state spending on the funding of personal care, congregate meals and transportation for seniors,” WalletHub Analyst Jill Gonzalez told FOX Business. “When looking at healthcare, we find that the state lacks dentists, home health aides, geriatricians, as well as quality geriatric hospitals.”
Gonzalez added that Kentucky has a “low wellbeing index for the population aged 55 [and up], and some of the largest percentages of senior citizens with poor physical and mental health, or with a disability.”
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“Additionally, Kentucky has the lowest share of physically active retirees and a large share of the elderly population with inadequate sleep,” Gonzalez noted. “Kentucky also has a lower life expectancy than most other states."
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