Where to retire is one of the most significant decisions one can make, requiring consideration of numerous factors such as cost of living, healthcare, and overall well-being. The importance of each factor can vary based on individual preferences and needs. Recent analysis by Bankrate.com sheds light on the worst states for retirees in 2024, and some of the results might surprise you. Bankrate’s comprehensive study analyzed all 50 states based on five key categories, each carefully weighted to reflect its importance in the retirement decision-making process.

Affordability accounts for 40% of the overall score, examining the cost of living and taxes, which are crucial for those living on a fixed income. Well-being, making up 25% of the score, looks at factors such as a sense of community and entertainment options, important for maintaining a fulfilling retired life. Healthcare, at 20%, assesses the quality, cost, and access to health services, essential for older adults who often require more medical care. Weather, constituting 10% of the evaluation, considers average annual temperatures and natural disaster risks, which can greatly affect comfort and safety in retirement. Lastly, crime, making up 5%, considers property and violent crime rates, as safety is a priority for most retirees.

Each state received an overall rank based on these categories, with a higher number indicating a worse ranking. The analysis reveals a clear trend: the worst states to retire in are generally expensive and cold. Below are the top 10 states deemed least favorable for retirees. Ranked as the worst state for retirement, Alaska fares poorly in nearly every category except well-being. It is the coldest state in the country, posing a significant challenge for older adults. Additionally, while Alaska benefits from no state income tax, the cost of housing, utilities, and healthcare is much higher than the national average.

New York is the second-worst state for affordability and ranks below average for weather and healthcare. Similarly, the affordability metric drags down Washington and California, despite their good scores on other metrics except for crime. Perhaps most surprising is Texas, the only southern state in the bottom 10. With no income tax and warmer weather, it might seem ideal for retirees. However, Bankrate ranks Texas third-last on well-being, affecting its overall score.