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(AUSTRALIA OUT) Generic photo of a retired couple sitting on a bench on a pier bathed in sunlight, 3 July 1999. AFR Picture by GREG NEWINGTON (Photo by Fairfax Media via Getty Images via Getty Images)
PHILADELPHIA – Retirement looks different for everyone. Some people picture life on the beach, while others hope to spend quality time at home with their loved ones.
What if you decided to retire in the Philadelphia area? A new study shows just how far your money will go.
What we know:
Pennsylvania was ranked No. 8 in a list of the “Best and Worst States to Retire in 2026,” while New Jersey grabbed the 35th spot and Delaware came in 7th.
State rankings were determined based on financial factors, like tax rates and the cost of living, as well as lifestyle factors, such as access to quality medical care and fun activities.
Here’s how Pennsylvania, New Jersey and Delaware compare:
Pennsylvania 8th overall26th in affordability5th in quality of life13th in health care New Jersey 35th overall45th in affordability30th in quality of life9th in health care Delaware 7th overall3rd in affordability36th in quality of life15th in health care Best and worst retirement states
Big picture view:
Wyoming was named the best state for retirement mostly thanks to its affordability, while Kentucky landed at the bottom of the list for retirees.
Top 5 states to retire WyomingFloridaSouth DakotaColoradoMinnesota 5 worst states to retire KentuckyOklahomaMississippiWest VirginiaHawaii
What they’re saying:
“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 Chip Lupo, a WalletHub analyst.
The Source: Information from this article was provided by WalletHub.