As baby boomers look to retirement, where are they likely to move to? Georgia may offer the best prospects, according to a new study by Bankrate. The state’s overall affordability is a big draw to retirees, offering a low cost of living and light tax burden. Those same reasons helped Florida and Tennessee nab the number two and number three spot, respectively, on Bankrate’s retirement locales rankings.
Besides affordability, retirees are often looking for family connection, says Clark Kendall, author of “Middle-Class Millionaire.” “When I see people retire and move to different parts of the country, 70 to 80 percent of the time, it’s to be close to family,” Kendall says. "From a financial perspective, there are a lot of things to consider. How will your income be taxed? Some states offer tax breaks on retirement income."
Bankrate ranked the best places for retirement by factoring in the following five categories: affordability, wellness, culture, weather, and crime. Here’s a list of the 15 states that topped its list.
Source: “The Best and Worst States for Retirement 2021,” Bankrate.com (July 7, 2021)
