New Hampshire ranked as sixth-best state for retirees

The study examined affordability, health-related factors and overall quality of life. (Courtesy photo)

With 25 percent of all nonretired adults having no retirement savings, the personal-finance website WalletHub today released its report on 2023's Best States to Retire as well as expert commentary.

To help retirees find a safe, enjoyable and wallet-friendly place to call home, WalletHub compared the 50 states across 47 key metrics. Our analysis examines affordability, health-related factors and overall quality of life.

Retiring in New Hampshire (1=Best; 25=Avg.):

• 18^th - WalletHub 'Taxpayer' Ranking
• 6^th - Elderly-Friendly Labor Market
• 9^th - % of Population Aged 65 & Older
• 2^nd - Property-Crime Rate
• 13^th - Life Expectancy
• 14^th - Health-Care Facilities per Capita
• 20^th - Percentage of Residents 12+ Who Are Fully Vaccinated Against COVID-19

For the full report, please visit:
https://wallethub.com/edu/best-and-worst-states-to-retire/18592


Expert Commentary

What are some tips for living on a fixed income in retirement?

"It is important to regularly re-evaluate your budget and future plans that will require financial commitments. While everyone is different, there are helpful resources that can help seniors make clear plans for how to effectively use and enjoy a fixed income, and also incorporate some flexible spending. Sometimes our spending habits need to be re-evaluated, and many senior discounts can be utilized to lower bills. It may also be useful to consider downsizing or minimizing certain costs that are no longer needed and making donations of time to important endeavors."
Alan Castel, Ph.D. - Professor & Principal Investigator, Memory & Lifespan Cognition Lab, University of California, Los Angeles

"A key tip for living on a fixed income is to ensure that you have a clear understanding and plan that relies primarily on income that will be consistently available for a long time (e.g., income from Social Security or annuities that you have set up to provide regular payments). On that front, experts recommend delaying the start of your Social Security retirement payments as long as possible up to age 70 because the regular monthly payments increase dramatically with each year you delay...In addition, being on a fixed income does mean that you need to think about preparing for the future in a different way. You aren't usually able to make more money for later on, so that means that savings is important in case something happens. If you need to replace your tires on your care and get your a/c repaired in the same month, that may hit you hard. Making sure that you evaluate your ability to cover your bills and take some of your regular funds and save is even more important than before retirement."
Dawn C. Carr, PhD MGS FGSA - Director, Claude Pepper Center; Faculty Associate, Pepper Institute on Aging and Public Policy; Co-Director, Aging Research on Contexts, Health and Inequalities; Associate Professor, Florida State University

The financial impact of high inflation has many Americans reevaluating their retirement plans. What are some new points of concern for future retirees in considering where to retire?

"Inflation can cause stress and concern, as well as any unpredictable event, especially when people notice how their dollar is not going as far as it used to - planning for this could involve evaluating whether one could afford to move and if there are less expensive alternatives that may be more realistic and convenient in retirement. Stress-related to inflation could also lead to suboptimal financial decisions, and it is important to have balance (financially and emotionally), as well as to be aware of potential scams and fraud. Although we often think of inflation in terms of financial strains, it can also make people reconsider how they can get better value while also being active in one's community."
Alan Castel, Ph.D. - Professor & Principal Investigator, Memory & Lifespan Cognition Lab, University of California, Los Angeles

What are the top factors retirees should consider when choosing a state for retirement?

"The state that you live in should be a place that meets your new goals for this period of life. If you've lived where it is cold and always hated the cold weather, you may be drawn to live in a place that doesn't require you to shovel snow anymore. If your goal is to be around folks that are more like you, you may be drawn to a state and/community that has a higher concentration of folks that you perceive to have similar values or goals as you do. Other folks consider the state taxes as a key factor, which could be important if the majority of your retirement income is taxable. It is important to keep in mind, however, that states that have no state income tax do often have other forms of taxes that, depending on your lifestyle, may end up being just as expensive! It is important to think about not only taxes, but whether you will have the money you need in a place that best meets your need. If you can spend less on real estate by purchasing a smaller home, you might be able to gain more flexibility to address your life goals if you are in the right community. Don't be drawn to a place where you can get a cheap house if that house will be in a place that you'll be isolated (unless that is your primary goal!)."
Dawn C. Carr, PhD MGS FGSA - Director, Claude Pepper Center; Faculty Associate, Pepper Institute on Aging and Public Policy; Co-Director, Aging Research on Contexts, Health and Inequalities; Associate Professor, Florida State University

"While the cost of living is often high on the list, people often consider being close to family, transportation, health care access, outdoor/creative activities, political aspects/government, and a place where someone will have a sense of community, in order to feel both comfortable and stimulated. It is important to consider access to community services that allow for accessibility to programs that cultivate interests."
Alan Castel, Ph.D. - Professor & Principal Investigator, Memory & Lifespan Cognition Lab, University of California, Los Angeles