
Why Does Minnesota Rank Among Best States For Retirees?
When it comes to retirement, many Minnesotans may dream of leaving it all behind to move to a warmer, more 'Arizonian' climate.
However, WalletHub crunched the numbers and found that not only does Minnesota outrank Arizona as one of the best states for retirement, it's actually the second-best state to retire in throughout the country.
“Retirement is supposed to be relaxing, but it can also be incredibly stressful given that it typically puts people on a fixed income, which may not be enough for them to live comfortably. As a result, the best states for retirees are those that have low taxes and a low cost of living to help retirees’ budgets stretch as far as possible," said WalletHub's Chip Lupo. "Having access to excellent medical care and homemaking services is also crucial, especially for people who don’t plan to retire in close proximity to their families.”
Using criteria such as affordability, quality of life and health care, WalletHub ranked the best states for retirees.
While the top spot went to Florida, Minnesota finished second in the survey overall and finished in the top spot for health care.
Minnesota is the second-best state for retirement, in large part due to health reasons. Minnesota has the most health care facilities, the second-most nursing homes, and the third-most home health care aids per capita. Its geriatrics hospitals also rank as the fifth-best in the nation.
Due to the great health care conditions within the state, Minnesota has the third-lowest percentage of seniors with a disability, the fourth-lowest percentage with poor mental health, and the fifth-highest percentage who are in good physical health.
When it comes to overall quality of life in Minnesota, the state has the 10th-best elder abuse protections in the country, which guard elderly residents against physical and financial harm.
The state also has the 15th-lowest violent crime rate, and the fifth-highest percentage of people who do favors for their neighbors.
On the financial side, Minnesota has the 10th-lowest share of residents ages 65+ who are in poverty and the fifth-lowest percentage who went hungry in the last 12 months.
Minnesota finished -just-below Florida with an overall score of 62.74 to Florida's 62.76. Rounding out the top five were Colorado, Wyoming and South Dakota.
The bottom five states to retire in were New Mexico, Washington, Mississippi, Louisiana and Kentucky.
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