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From horse racing to college basketball, Kentucky is known for many things. However, it may not be the best state to hang out after work.
Kentucky ranks as the worst state to accept retirement in 2023, according to a survey. wallet hub research. This year, the state moved to the bottom of the list, occupied by New Jersey in 2022.
WalletHub ranked all 50 US states based on three main categories: affordability, quality of life, and healthcare. In this category, we used data from multiple sources, including the U.S. Census Bureau, Community Economic Research Council, Centers for Disease Control and Prevention, and the Tax Foundation.
A state’s ranking was determined by how high it scored in all three categories. So, even if a state ranks well in one category for her, a significant drop in rank in another could result in a drop in overall rankings.
Kentucky ranked 33rd for affordability, but 41st for quality of life and 46th for healthcare. Meanwhile, Virginia, which was ranked as the best state to retire from, ranked 16th for cheapest living and 11th for both quality of life and health care.
Here are the 10 best and worst states to retire in 2023, according to WalletHub.
That doesn’t mean Kentucky or the lowest places aren’t good places to retire for certain people.
Everyone’s idea of the “perfect” place to retire is different and subject to different influences. Some may prefer to retire closer to family, while others may prefer to move to a state with a lower cost of living.
University of Florida professor Stephen Golant says retirees often seek out states with lower taxes and lower prices, but many states have political and religious orientations and weather conditions that “otherwise It should also be noted that it could undermine a favorable fiscal environment.” In a WalletHub report.
“Before moving permanently to a new location, retirees should take a vacation to identify both desirable and undesirable features of the location,” Gollant advised.
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