Retirement planning

The 10 Best States in the U.S. to Spend Your Retirement in 2022

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It's not easy deciding where you'll spend what will hopefully be some of the most relaxing years of your life.

Here with some help is personal finance website WalletHub, which has a new report ranking the best and worst U.S. states to retire in based on factors like affordability, quality of life and health-care. While some scenic destinations top the list, like sunny Florida and mountainous Colorado, the bottom of the list features two of the most populated states in the northeast.

The worst state in the U.S. for retirement is New Jersey, followed by Mississippi and New York, based on WalletHub's findings. Money concerns play a big factor in those low rankings, with New York ranking as the least affordable state and New Jersey following right behind, whereas Mississippi ranks at the bottom in terms of the quality of life, according to WalletHub.

It's no surprise that money is such an important consideration when choosing the best place to spend your retirement years. After all, 26% of non-retirees have no retirement plan at all, according to a 2021 report by the Federal Reserve.

Still, on average, people across the U.S. have roughly $400,000 dollars to nest on. That number is higher in states like Connecticut, where the average person has a retirement balance of roughly $520,000.

But others are not as well-equipped to exit the workforce, which is why affordability is one of the key factors to consider when you're looking for places to settle down. In fact, the two top states in WalletHub's rankings, Florida and Virginia, are both among the 10 most affordable states in the U.S.

Check out WalletHub's 10 best states for retirement to get the most out of your golden years:

1. Florida

  • Affordability rank: 4
  • Quality of life rank: 5
  • Healthcare rank: 27
Condominiums along the coast of Miami.
Jeffrey Greenberg | Universal Images Group | Getty Images
Condominiums along the coast of Miami.

2. Virginia

  • Affordability rank: 9
  • Quality of life rank: 7
  • Healthcare rank: 13

3. Colorado

  • Affordability rank: 11
  • Quality of life rank: 21
  • Healthcare rank: 4

4. Delaware

  • Affordability rank: 6
  • Quality of life rank: 35
  • Healthcare rank: 15

5. Minnesota

  • Affordability rank: 36
  • Quality of life rank: 3
  • Healthcare rank: 1

6. North Dakota

  • Affordability rank: 25
  • Quality of life rank: 16
  • Healthcare rank: 16

7. Montana

  • Affordability rank: 14
  • Quality of life rank: 18
  • Healthcare rank: 31

8. Utah

  • Affordability rank: 19
  • Quality of life rank: 20
  • Healthcare rank: 26
The Great Arch in Zion National Park, Utah.
DANIEL SLIM | AFP | Getty Images
The Great Arch in Zion National Park, Utah.

Tie-9. Arizona

  • Affordability rank: 15
  • Quality of life rank: 32
  • Healthcare rank: 24

Tie-9. New Hampshire

  • Affordability rank: 34
  • Quality of life rank: 2
  • Healthcare rank: 8

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