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Florida Ranks as the Top State to Retire In for 2022

WalletHub study names Florida as the top retirement destination in the nation.

WalletHub, a popular personal finance site, has just released their annual rankings list for the "Best States to Retire In" for 2022. This study, which comprised a panel of 10 experts, sought to identify the most retirement-friendly states based upon three main categories including 1) affordability, 2) quality of life and 3) health care. For each of these categories, specific mertrics were evaluated to help compute a weighted average for each state as part of the ranking process. In total, 47 relevant metrics were used including the following.

Affordability

Affordability metrics included:
  • Adjusted cost of living
  • Annual cost of in-home services
  • Tax-friendliness on estate or inheritance tax

Quality of Life

Quality of life metrics included:
  • Share of the population aged 65+
  • Risk of social isolation
  • Elder-friendly labor market

Health Care

Health care metrics included:
  • Family medicine physicians per capita
  • Dentists per capita
  • Home health aids per capita
Based upon the weighted average metrics for all 50 states, Florida took the top honor as the "Best State to Retire In" for 2022 followed by Virginia, Colorado, Delaware and Minnesota.

Conversely, looking at the opposite end of the ranking list, the least preferred states to retire in this year include New Jersey, Mississippi, New York, Kentucky and Oklahoma.

 Best States to Retire In (2022)

Rank State Population
1. Florida 21.8 Million
2. Virginia 8.5 Million
3. Colorado 5.8 Million
4. Delaware 1.0 Million
5. Minnesota 5.6 Million
6. North Dakota 0.8 Million
7. Montana 1.1 Million
8. Utah 0.8 Million
9. Arizona 7.3 Million
10. New Hampshire 1.4 Million