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One of the great perks of reaching your golden years is the newfound freedom to live wherever you choose.
With the kids out of the house and work no longer tying you down, retirement opens the door to relocating somewhere that better suits your lifestyle. So, why not consider moving to a state where seniors report the highest levels of happiness?
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Caring.com, a leading online resource for senior care information and support, has just unveiled its latest Senior Happiness Index, a comprehensive look at where older Americans are thriving.
To compile the index, a wide range of factors were evaluated – including the cost of living, average life expectancy, access to health care and the availability of senior centers.
The result is a state-by-state breakdown highlighting where older Americans enjoy the greatest well-being.
1. Utah
According to Caring.com, Utah tops the list as the best place to retire, scoring 7.69 out of 10 on the Senior Happiness Index. Seniors in Utah are generally healthier, less isolated and more likely to be engaged in community volunteer work, which makes retirement much more satisfying.
On the flip side, according to ElderLife Financial, senior care in Utah tends to cost more than the national average. This is where long-term care insurance can be a big help in covering costs of in-home assistance, nursing homes or assisted living facilities.
GoldenCare offers a wide range of insurance policies that are based on your needs — whether it’s for long-term care benefits, short-term care, extended care, home health care or assisted living.
2. Idaho
Idaho is second on Caring.com’s index, scoring 7.38 out of 10. The state ranked well because of the density of seniors living here, along with access to senior services and support resources.
Fortunately, Idaho is also considered a tax-friendly state for older Americans, according to SmartAsset, which means you can expect no taxes on your Social Security benefits and relatively lower sales and property taxes, saving you money.
Make sure you’re putting that money you save to work with a high interest account, such as the Wealthfront Cash Account which offers a 4.00% APY — that’s 10x the national average.
With full access to your money at all times, Wealthfront also offers fast (and free) transfers to internal Wealthfront investing accounts, as well as external accounts. And when you fund your cash account with $500 or more, you even get a $30 bonus.
3. Connecticut
Connecticut is tied for third on the Senior Happiness Index, scoring 7.01 out of 10. The state has the third-highest life expectancy and is in the top 10 for overall health. So if you’re trying to live long and stay fit in retirement, this could be an ideal state for you.
Unfortunately, according to SmartAsset, the state is a relatively unfriendly tax jurisdiction for seniors. This means you may have little to no tax benefits for retirement income and could be exposed to relatively high property and inheritance taxes.
Given this, you may wish to speak with a qualified financial advisor to best build tax-efficient investments and withdrawal strategies. With Advisor, you can connect with a personal advisor who lives near you and is best equipped to help assess your retirement strategy.
Their network of advisors are fiduciaries, so you can trust that the advice you’re getting is unbiased.
You can set up an introductory call with no obligation to hire with your match to see if they’re the right fit for you.
Read more: You don’t have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here’s how
4. Delaware
Delaware ties with Connecticut, also scoring 7.01 out of 10, while ranking ninth for health outcomes. It is in the top five states with the lowest ratio of older adults living alone, which suggests seniors are less vulnerable to social isolation here.
Delaware is also tax-friendly to seniors, according to SmartAsset. But the average monthly cost of living independently here is $3,862, which according to Senior Living is 26% above the national average. To save more money, you might consider looking at how to cut down on monthly expenses like car insurance and home insurance.
With OfficialCarInsurance.com, you can compare quotes from trusted brands like Progressive, Allstate and GEICO — with some offers as low as $29 per month.
Similarly, OfficialHomeInsurance.com helps you get great rates to protect your home. All it takes is two minutes for them to comb through over 200 insurers — for free — to find the best deal in your area. The process can be done entirely online too.
5. Nebraska
Nebraska ranks fifth on Caring.com’s Senior Happiness Index, and is also home to a famous recent retirees in America: billionaire Warren Buffett.
Fortunately, if you’re looking to join the Oracle of Omaha and retire in the Cornhusker state, it won’t cost you much.
The average monthly cost of living for an independent senior is just $1,917, 37% lower than the national average, according to Senior Living.
You can save even more by keeping a close eye on your finances with a money management platform such as Monarch Money, which can give you a clear view of where you’re overspending. It also helps you monitor your expenses and payments in real time.
For a limited time get 50% off your first year with the code MONARCHVIP.
What to read next
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- Here are the 6 levels of wealth for retirement-age Americans — are you near the top or bottom of the pyramid?
- Here are 5 ‘must have’ items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you?
- How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you’ll need a substantial stash of savings in retirement
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
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