As we like to say at Growing Bolder, “This is not the beginning of the end. It’s the beginning of what’s next.” And what’s next for many Americans means retirement.
Pew Research Center analytics indicate that 28.6 million people born between 1946 and 1964 may be exiting the labor force due to retirement in the third quarter of 2021.
So where to go? If you live in Florida, you may want to stay put.
Florida is ranked the No. 1 place to settle down by the personal-finance website WalletHub, which released its report on 2021’s Best States to Retire (hyperlink to report: https://wallethub.com/edu/best-and-worst-states-to-retire/18592), as well as accompanying videos.
It’s obviously a decision one cannot take lightly, even as more and more Americans are putting off retirement because of myriad impacts involving the Covid-19 pandemic, most importantly finances.
“Even in the most affordable areas of the U.S., most retirees cannot rely on Social Security or pension checks alone to cover all of their living expenses,” the report said. “Social Security benefits increase with local inflation, but they replace only about 39 percent of the average worker’s earnings.”
Other factors include access to health care and activities to keep retirees active and engaged.
WalletHub compared the 50 states across 45 key metrics, including affordability, health-related factors and overall quality of life.
Here are some key takeaways:
Retiring in Florida (1=Best; 25=Avg.):
27th – Adjusted Cost of Living
12th – Annual Cost of In-Home Services
6th – WalletHub ‘Taxpayer’ Ranking
1st – Percentage of population Aged 65 & Older
26th – Property-Crime Rate
10th – Life Expectancy
Florida was followed by Colorado, Delaware, Virginia and North Dakota. New York and New Jersey rounded out the bottom of the pack.