Amid the COVD-19 pandemic, retirement rates have increased.
Pew Research Center reported that since February 2020, the number of retired baby boomers has increased by around 1.1 million. The pandemic-related recession could be contributing to the growing retirement rates among baby boomers.
But if you’re one of many older adults thinking about retiring this year, a new ranking from MoneyWise says Georgia is among the worst states you could choose to do so.
The digital personal finance publication averaged three of the year’s state rankings into a single list. To do so, it scored each state out of a possible 150 by adding each state’s retirement rankings from RetirementLiving, WalletHub and MoneyRates. A higher score means a state is ranked lower as a retirement spot.
With a score of 85, Georgia came in at No. 17 on MoneyWise’s list.
For one, the older adult population in the Peach State is among the lowest per capita nationwide. WalletHub reported the state is last among U.S. health care systems. Treatment costs are average, but it’s hard to get care and patient outcomes are poor.
While Georgia may not be the best state to retire, its capital city has been considered among the best places to spend post-working days.
RetirementLivng included Atlanta on its list of the best places to retire in 2021. It noted that the city is “an affordable option for retirees with a low cost of living, favorable tax rates. Residents can expect a relatively low cost for assisted living care when compared to the national average, although the number of senior living facilities could be higher. Atlanta weather is generally comfortable with only 32 days 90º and above and 36 days under 32º, and the crime rate is low.”
Below is the ranking for all states MoneyWise says are the worst ones for retirement in order from worst to best. Some states tied because they had the same average rank according to the site’s methodology.
50. New Mexico
49. Illinois
48. New York
47. Oregon
46. California
45. Alaska
44. Washington
43. Rhode Island
42. New Jersey
41. Maryland
40. Louisiana
39. Maine
38. Kansas
36. (tie) Connecticut
36. (tie) Colorado
35. Texas
34. Georgia
33. Hawaii
30. (tie) Wisconsin
30. (tie) Vermont
30. (tie) Nebraska
29. Mississippi
28. Tennessee
27. Michigan
25. (tie) Nevada
25. (tie) Massachusetts
24. Indiana
20. (tie) Oklahoma
20. (tie) North Carolina
20. (tie) Minnesota
20. (tie) Kentucky
19. North Dakota
18. Montana
17. Ohio
15. (tie) Pennsylvania
15. (tie) Iowa
14. Arkansas
12. (tie) Utah
12. (tie) Alabama
9. (tie) Wyoming
9. (tie) South Dakota
9. (tie) Arizona
8. Virginia
7. West Virginia
6. South Carolina
5. New Hampshire
4. Delaware
3. Idaho
2. Missouri
1. Florida
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