After years of hard work, retirees deserve to live comfortably during their golden years. Many retirees decide to relocate to the South for warmer climates. However, if you have poor health conditions, it’s probably best to rethink your retirement plans.
WalletHub’s 2020 ranking of the best states for retirees also includes five states that have the worst healthcare plans for retirees—with four of them located in the South. Learn about which states you shouldn’t move to before you start packing your bags.
Retirement Is Not The End
When you retire from your job, it might be the end of your professional career, but it’s not the end of your financial security or adventures in life. In fact, retirees tend to go on more trips and participate in activities during their senior years because they finally have time away from their work.
Retirees worry about their finances. If you want to move after retiring, WalletHub recommends finding a location that will let retirees keep more money than what they would spend on various expenses, including health care resources. Some states have more physicians, dentists, better hospitals, etc. These factors are important to consider while deciding where to live.
Worst States To Live In
While comparing the 50 states, WalletHub examined the affordability, quality of life, and various health-related factors. This includes the number of family and general physicians, the number of dentists, the quality of public hospitals, and the top-rated geriatrics hospitals, which focuses on health care for elderly patients.
The report lists these five worst states for retiree health care:
- West Virginia (No. 50)
- Alabama (No. 49)
- Kentucky (No. 48)
- Mississippi (No. 47)
- Tennessee (No. 46)
While these states are warm and inviting, they might not be the best for your finances. In your retirement years, you need to live comfortably and not stress over money.
Best States To Live In
Knowing the worst states to live in, WalletHub also reports the best states to live in for retirees, regarding health care. If you can survive colder temperatures, staying north is a better option. The five best states include Minnesota, Hawaii, Massachusetts, Colorado, and Connecticut.
These states have more inexpensive health care resources for retirees. However, speak to a financial adviser before making a decision regarding your retirement plans.