Personal Finance

Here are the 5 best states for retirees in 2020

Key Points
  • Personal finance website WalletHub is out with another list of the best states to spend your retirement in.
  • Factoring in affordability, quality of life and health care, Florida came in first.
  • Here's what else you need to know about picking a state for retirement amid competing information.
Ariel Skelley

Personal finance website WalletHub is out with another list of the best states in which to spend your retirement.

Factoring in affordability, quality of life and health care, Florida came in first.

Yet a recent ranking by Business Insider dubbed Mississippi the winner. Nebraska took the title in a list compiled last year by The New York Times.

If you're confused by competing retirement listicle claims, focus on how much a potential retirement destination meets your unique requirements and sensibilities. Some lists look at taxes; others, the weather. What matters most to you?

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"It's a broad brush stroke when it comes to states," Mark Hamrick, senior economic analyst at Bankrate.com, has told CNBC.

And relocating to another state is simply not an option for everyone.

Before you pack up, experts advise that you ask yourself a few questions about a new place. Who, if anyone, do you know there? Are you familiar with the culture? Will you be able to find appropriate housing?

All of that considered, these lists can be a great jumping-off point to start thinking about your future. Here are the states that made WalletHub's list for 2020 of best places for retirees.

1. Florida

Fisher Island, Miami Beach, Florida
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2. Colorado

Rocky Mountains
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3. New Hampshire

Portsmouth, New Hampshire
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4. Utah

Monument Valley, Utah
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5. Wyoming

Grand Teton National Park, Wyoming
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