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Move over, Florida, a new locale ranks as the best state to retire in. 1 state to retire in, Virginia has taken the top spot this year, according to personal finance website WalletHub's "2023's Best States to Retire" study. WalletHub evaluated all 50 U.S. states in three key categories: affordability, quality of life and access to health care. A state's overall retirement friendliness was based on its total score across all three categories. CHECK OUT: The 10 most expensive U.S. states to retire in — California didn’t make the list
Rather, Alabama is the most affordable state to retire in, according to WalletHub's "2023 Best States to Retire." The analysis compared all 50 states across three key categories: health care, quality of life and affordability. In Hawaii, a $1 million retirement fund would be empty in a little over 10 years — the fastest of any state, according to GoBankingRates. Despite ranking ninth in affordability, Florida came in at No. A $1 million retirement reserve would last about 18 years there, per GoBankingRates.
In addition to being home to the most expensive city to live in worldwide, New York is the least affordable U.S. state to retire in. That's according to WalletHub's "2023 Best States to Retire," which compared all 50 states across three main categories: affordability, quality of life and health care. The ranking looked at adjusted cost of living, general tax-friendliness and annual cost of in-home services, as well as other factors. Don't expect to find affordability across the Hudson River either: New Jersey ranks as the second most expensive state to retire in. Here are the top 10 most expensive states to retire in, according to WalletHub:New York New Jersey Vermont Massachusetts Maryland Washington Connecticut Maine Illinois OregonRetirement will look different to everyone, and there are several factors to consider.
New York City ranked the lowest for cost of living on a six-figure salary in a study of 76 cities. Seven cities in Texas rounded out the top 10, while places like LA and Boston were at the bottom. According to a new cost of living study by financial technology company SmartAsset, a $100,000 salary in New York City leaves workers with what "feels like" just $36,000, the lowest of nearly 80 cities analyzed by the financial advisory company. Each city was analyzed using a salary of $100,000. Here are the top 10 cities for cost of living:
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