Florida’s Ranking Plummets as a Preferred Retirement State, Finds Bankrate.com Study

Florida Drops in Ranking as a Top State for Retirement, According to New Study

WEST PALM BEACH, Fla. — A recent study released on Monday has revealed that Florida is no longer among the top five states for people looking to spend their golden years. Last year, Bankrate.com ranked the Sunshine State as the number one place in the United States to retire. However, this year’s rankings showed a significant drop for Florida, placing it at number eight.

The study took into account various factors to determine the rankings, including affordability, overall well-being, quality and cost of health care, weather, and crime. Unfortunately, the rising cost of living in Florida played a significant role in its decline, with the state now ranked 35th in affordability compared to last year’s 18th position.

Adding to the concerns, the study also revealed that Florida now ranks 27th in the country for crime. Despite these drawbacks, the Sunshine State still maintains high rankings for both well-being and weather, securing the third spot in both categories.

For those considering retirement, the study offered alternative options. Iowa emerged as the best state to retire, boasting lower living costs, affordable and high-quality healthcare, and low crime rates. Other top states for retirement included Delaware, West Virginia, Missouri, and Mississippi.

The study also advised individuals contemplating a move after retirement to consider renting before making a final decision. Author Kerry Hannon suggested, “Consider renting a place for six months to ensure you have a community there. See if it’s easy to join groups, whether it’s joining a bowling league or a volunteer organization. Set up your community before you take that leap.”

On the other hand, the study identified the worst five states for retirement as Massachusetts, Washington, California, New York, and Alaska.

To read the full report and gain a deeper understanding of the findings, click here.

In conclusion, Florida’s position as a top destination for retirees has slipped in this year’s rankings due to the increasing cost of living. However, the state still offers favorable conditions in terms of well-being and weather. As retirees explore their options, Iowa emerges as the leader in providing affordable living, quality healthcare, and low crime rates. It’s crucial for retirees to carefully assess their options and consider renting in potential new locations before making a final decision.