With older New Yorkers often fleeing to other states later in life, it may come as little surprise that the Empire State is one of the worst places to live in the country for retirees.
WalletHub, an online financial advisory site, this week released its annual list of the Best and Worst States to Retire, with New York ranking near the bottom of the pack.
“Retirement is supposed to be relaxing, but it can also be incredibly stressful given that it typically puts people on a fixed income, which may not be enough for them to live comfortably. As a result, the best states for retirees are those that have low taxes and a low cost of living to help retirees’ budgets stretch as far as possible. Having access to excellent medical care and homemaking services is also crucial, especially for people who don’t plan to retire in close proximity to their families,” said WalletHub analyst Chip Lupo.
The study analyzed 46 key indicators of a positive retirement environment across all 50 states to develop a comprehensive ranking of existing retirement conditions.
The key indicators were grouped into three categories: affordability; quality of life; and healthcare.
Key indicators in the affordability category included, but were not limited to: adjusted cost of living, general tax-friendliness, annual cost of in-home services and annual cost of adult day healthcare.
Key indicators in the quality of life category included, but were not limited to: senior-friendly labor market, senior food insecurity rate, mildness of weather and access to various amentities.
Key indicators in the healthcare category included, but were not limited to: physicians per capita, nurses per capita, quality of hospitals and top-rated geriatrics hospitals.
Each metric was graded on a 100-point scale and then weighted to develop a ranking within each category and an overall score for each state.
New York ranked 45th with an overall score of 45.34, making it the sixth-worst state in the nation to retire, ahead of only Hawaii, West Virginia, Mississippi, Oklahoma and Kentucky.
The Empire State’s low ranking can be attributed almost entirely to its performance in the affordability category, where it placed dead last among all 50 states.
New York may have found itself at the bottom of the overall rankings if not for relatively strong performances in the quality of life and healthcare categories, where it ranked 12th for both.
Here’s a look at the best and worst states to retire, according to WalletHub.
Best states to retireWyomingFloridaSouth DakotaColoradoMinnesotaAlaskaDelawarePennsylvaniaNew Hampshire IowaWorst states to retireKentuckyOklahomaMississippiWest VirginiaHawaiiNew YorkArkansasWashingtonRhode IslandNew Mexico