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It is well-established that Florida is a popular retirement destination. In fact, Florida is one of two states with the most mature population in the United States.
And, in previous years, Florida has topped lists of the best states in which to retire. However, that may be changing slightly, at least according to a few studies. Recently in 2023, WalletHub named Florida as the second-best state for retirees, whereas it was named the best in 2022.
And a recent study by Business Insider in 2023 named 20 states that it felt were better retirement spots than Florida.
Understanding the Criteria: It is important to understand the things Business Insider considered when making their determinations. The site looked at seven metrics, as follows:
- The percentage of the population that was retired
- How much the retiree population has grown in recent years
- Health care services per 1,000 residents
- Nursing care facilities per 1,000 residents
- The weather
- The growth in Medicaid available to residents in recent years
- The cost of living
From this list, it is apparent that finances and health care were important considerations. Florida's cost of living has risen dramatically in recent years. And data shows that home health care is increasingly difficult to come by due to increasing demand.
These are two factors that may have hurt Florida's raw score. Here are the states that the Business Insider felt were better choices than Florida in 2023, ranked from lowest to highest:
Nebraska, 20 (Tie:) The site said that this state may appeal to those that don't mind cooler weather and need nursing care facilities, where this state shone.
Arizona, 19 (Tie:) Business Insider praised the weather, the high percentage of retirees, and the annual growth of Medicaid spending.
Illinois, 18: Although this state had a high cost of living, Business Insider was impressed by its active retirement communities and relatively generous number of nursing care facilities available.
Arkansas, 17: Business Insider considered the cost of living in Arkansas as a bargain, as it is lower than national averages. However, the site conceded that Arkansas had fewer retirees than some other states.
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Massachusetts, 16: The number of retirees in this state is rising. It's also home to some of the fastest-growing retirement communities and has ample home health care services.
Kentucky, 15: Prices in Kentucky were cited as being a whopping 10% less than national averages, and its retired population is increasing. It also had one of the highest growth rates for Medicaid.
Texas, 14 (tie:) Although Texas didn't have a very high percentage of retirees, those numbers are rapidly increasing, and it may be appealing to those looking for a warmer climate. It also ranked second on the list of home healthcare employment.
Maine 13, (tie:) Maine had one of the highest percentages of the retired population on the list. Business Insider noted that the state's "high-quality health care centers" is one reason that many retirees like this choice.
New Mexico, 12, (tie:) The site noted that this state was "moderately tax-friendly," had a relatively low cost of living, and ranked very high for home health services available.
Mississippi, 11 (tie:) Mississippi ranked high for its weather and had a low cost of living. It also ranked third for Medicare growth.
West Virginia, 10: 21% of West Virginia's population are retirees, and this state has a much lower cost of living than national averages. Business Insider noted that it has natural attractions which may be of interest, such as Blackwater Falls State Park and Harpers Ferry National Historical Park.
Vermont, 9: Business Insider felt that Vermont's ski resorts might be of interest to retirees. And the number of retirees in the state is growing rapidly. Vermont also had impressive growth in Medicaid spending per enrollee.
Missouri, 8: This state got its highest marks for health considerations. It was almost the highest state for Medicaid growth, and it had a high number of nursing care facilities per capita.
Louisiana, 7: Business Insider liked the weather in this state, the lack of social security taxes, and the fact that the median housing price is under $250,000, making the cost of living a bargain.
Pennsylvania, 6 (tie:) This state was ranked highly for retirees that preferred a cooler climate. Pennsylvania ranked highly for home health services, and Lancaster and Harrisburg were listed as top cities.
Alabama, 5 (tie:) The Business Insider praised the climate of this southern state and the fact that its cost of living is over 11% lower than the rest of the country. Nearly 18% of the population is retired.
Tennessee, 4 (tie:) This state arguably has pretty natural attributes and attractions such as the Smokey Mountains and the musical entertainment in Nashville. The state doesn't have a personal income tax and has prices that are about 9% below the national average.
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Ohio, 3 (tie:) This state had a relatively low cost of living, but it shone for its nursing facilities and availability of home health. Over 17% of the population is retired.
Delaware, 2: In this northern state, 20% of the population is retired, and that population is rapidly growing. The state is also tax-friendly, with no sales tax, low property taxes, and few estate or inheritance taxes. It also has beaches, which might make it attractive to some.
Rhode Island, 1: For those who enjoy a cooler climate, Business Insider felt that Rhode Island had the most to offer. It has beaches, a high population of retirees, and a very high number of nursing care facilities. (Rhode Island is pictured at the top of this article.)
Everyone has an opinion, of course. And plenty of retirees make their way to Florida every year. But Business Insider feels that some of those retirees would be better-served somewhere else.
