WASHINGTON — It may be a scary time to think about retiring with inflation soaring, but a new study wants to make it easier to at least choose where you retire.
According to the experts at the personal finance website, WalletHub, Virginia is the best state to retire in. Maryland was recognized as one of the worst, ranked at number 42 of the 50 states, between Arkansas and Washington.
"While the cost of living is often high on the list, people often consider being close to family, transportation, health care access, outdoor/creative activities, political aspects/government, and a place where someone will have a sense of community," WalletHub stated.
In order to rank the states, Wallethub measured all 50 states across three key dimensions: health care, affordability, and overall quality of life.
WalletHub measured the park system across three categories: health-related factors, affordability, and overall quality of life; affordability counted for 40 of the 100 points, while the other two received an even split at 30. Within the three categories, 47 metrics were evaluated ranging from the annual cost of adult day care to golf courses and country clubs per capita.
"The state that you live in should be a place that meets your new goals for this period of life," Wallethub said in a statement. "Other folks consider the state taxes as a key factor, which could be important if the majority of your retirement income is taxable."
The following states ranked as the top five best states to retire:
The state ranked as the worst place to retire was Kentucky.
To see the full list of the best and worst places to retire, click here.
*Note: D.C. was not measured in this study.