Ask anyone to name the states most coveted by retirees in the U.S. and chances are high they’d fire off a list of sun magnets on either coast.
But as today’s seniors look toward retirement with nest eggs battered by the recession, more thought will go into choosing their final zip code than climate alone.
In a search for the best states to retire, MoneyRates.com’s Richard Barrington spent weeks analyzing what he says are the seven key factors seniors should consider:
Cost of living, property taxes, violent crime rates, climate, life expectancy for seniors, recent population growth in the senior demographic and unemployment.
“Retirees and young people have very different concerns,” Barrington told Business Insider. “Crime’s a good example. Older folks are especially vulnerable to crime and they tend to worry about it more.”
Despite a cost of living that ranks among the nation’s highest, seniors are flocking to Hawaii and living longer for it.
While the average life expectancy after age 65 in the U.S. is 18.19, seniors in Hawaii add an extra two years to their lives, Barrington found.
“We looked at life expectancy because it’s a good proxy for what the environmental state might be like for seniors,” he says.
Just be sure you’ve set realistic expectations for island life.
“One of Hawaii’s drawbacks is that is has the highest cost of living. Retirees moving there need to understand they have to have the financial resources to handle it.”
[Added comment by Blogger: Many people think ofHawai’iasHonoluluor Waikiki on theislandofOahu. Most are unaware thatHonolulu, andOahu, are very hectic, costly, and urban locales. Considered by many to be the better choice of islands are Kauai and Maui. Maui has lots of big hotels and dining. Kauaiis much quieter and certainly greener. They are equal in scenic vistas and attractions. For more onKauai, click on or paste into your browser:
See you onKauai]