No. 1 state to retire for high quality of life: Massachusetts
Massachusetts is the best state for retirees based on the quality of life. While the state ranked in the bottom half of the list for affordability, it scored top marks for health care, coming in at second place.
Massachusetts is one of the world’s top medical centers and was one of the early leaders in the fight to improve social conditions, according to Britannica. The state has been a leader in advancing progress in areas such as health-care coverage, the quality of public education, same-sex marriage and many more.
The state is considered moderately tax-friendly for retirees, according to SmartAsset. For example, Social Security income is not taxed, but withdrawals from retirement accounts are taxed fully.
Minnesota ranked as the no. 2 best state to retire in 2023 based on quality of life, according to WalletHub.
Cavan Images | Cavan | Getty Images
Top 10 best states to retire based on quality of life
- Massachusetts
- Minnesota
- Pennsylvania
- Florida
- New Hampshire
- Maine
- Vermont
- Ohio
- Wyoming
- New York
Minnesota ranked second on the list. Minnesotans enjoy the fourth-longest life expectancy in the nation, with an average of 80.9 years, according to World Population Review.
The state also has one of the lowest levels of poverty in the U.S. This year, WalletHub has ranked it as the fourth-best state to raise a family due to the high median family income, $77,706, and low levels of separation and divorce.
Crimes rates are low in the state and the air is clean.
Pennsylvania ranks as one of the best states to retire based on several factors including, affordability and quality of life.
Robert D. Strovers | Getty Images
Pennsylvania rounds out the top three. It is known as the “Snack Food Capital of the World,” being one of the country’s largest producers of canned fruit and vegetable-specialty snacks. Some of those company names include Martin’s Snacks, Snyder’s of Hanover, Utz Brands, Julius Sturgis Pretzel Bakery and The Hershey Co.
In Pennsylvania, there are no taxes on retirement income for residents.
The state is also one of the best for health care, wellness and safety, affordability and entertainment, according to Scholaroo, a platform that helps students find scholarships.
The Keystone State also has many nursing homes and ranks highly for its geriatric health providers.
DON’T MISS: Want to be smarter and more successful with your money, work & life? Sign up for our new newsletter!
Get CNBC’s free report, 11 Ways to Tell if We’re in a Recession, where Kelly Evans reviews the top indicators that a recession is coming or has already begun.