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Best States to Retire in 2020

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Wednesday, December 30, 2020

Figuring out where to retire isn’t easy. There’s a lot to take into account. Evn htough people have different lifestyles and income leveles, it is possible to rank states for many things and get an overall assessment and recommendation of where is best for you.

After the coronavirus hit the U.S. this year, there’s even more to consider if you are thinking about where you are going to retire. The usual factors such as state taxes or weather will still be major draws, but the fact is healthcare is paramount right now, especially with Covid-19 rearing it’s head and shutting down leisure activities as well as businesses.

If you’re considering moving to a different state to retire, you better do your research, or you could find that in this current lcimate there could be better places to live. A perfect example of this is Florida. 

Florida was  recently ranked as the best state in America in which to retire. This factored in affordability, quality of life, and even though it ranked at 26 for healthcare, it still took the top spot.  Fast forward a few months, and by July 2020, the state's surging number of Covid-19 cases turned Miami into what doctors called the world's epicenter of the pandemic. However, other counties in Florida are still a good choice, such as PInellas county and Escambia in the north..

Research shows that the best state for retirees based on the cost of living is Mississippi. After that comes Oklahoma, and Arkansas. Retirees may also want to take a look at Texas due to its affordable homes and living costs. New Mexico and Tennessee also offer much better bang for your buck.

If you want the best healthcare in the nation, then you’ll want to move to Massachusetts.  However, remember that good healthcare comes at a  price. Healthcare is the best but it is also one of the ten most expensive states for health insurance premiums, as well as hospital stays. 

In 2017, another study crowned Hawaii as the state with the best healthcare. And Hawaii weathered the COVID storm far better than many other states. The cases were far lower and the deaths by comparison to some states were very low.

It seems the major cities in Florida may not be as good a place to retire in 2020 as Hawaii could be. Figuring out where you are going to spend your golden years isn’t easy, but if you do your research, you could be winging your way off to the sunny beaches of the Florida Panhandle or spending time on the garden island of Kauai.

 

 

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC

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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Lawrenceville, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 800-367-3000 Visit our website: www.davidlerner.com

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