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See Where Massachusetts Ranks Among Best States to Retire

Thursday, January 18, 2018

 

Massachusetts is the second best state in the country for retirees when it comes to quality of life.

Overall, Massachusetts ranks in the middle of the pack when it comes to the best state to retire.

According to recent study completed by WalletHub, Massachusetts is the 19th best state in the U.S. to retire.

“Even in the most affordable areas of the U.S., most retirees cannot rely on Social Security or pension checks alone to cover all of their living expenses. Social Security benefits increase with local inflation, but they replace only about 40 percent of the average worker’s earnings,” said WalletHub.

MA Rankings:

  • 43rd Best - Affordability
  • 2nd Best - Quality of Life
  • 5th best - Healthcare
  • 46th - Highest Adjusted Cost of Living
  • 5th - Most Museums per Capita
  • 5th - Highest Life Expectancy
  • 4th - Lowest Property-Crime Rate

 

The Rankings

Massachusetts ranks behind Kansas and Missouri, who rank 17th and 18th respectively.

Massachusetts ranks ahead of Ohio and Washington, who rank 20th and 21st respectively.

Florida is ranked as the best state to retire, while Kentucky is ranked as the worst place to retire.

Source: WalletHub

The Method

In order to identify the most retirement-friendly states, WalletHub compared the 50 states across three key dimensions: 1) Affordability, 2) Quality of Life and 3) Health Care.

They evaluated those dimensions using 41 relevant metrics. Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for retirement. 

We then calculated each state’s weighted average across all metrics to determine its overall score and used the resulting scores to rank-order our sample.

Affordability – Total Points: 40

  • Adjusted Cost of Living: Double Weight (~11.43 Points)
  • General Tax-Friendliness: Full Weight (~5.71 Points)
  • Tax-Friendliness on Pensions & Social Security Income: Full Weight (~5.71 Points)
  • Tax-Friendliness on Estate or Inheritance Tax: Full Weight (~5.71 Points)
  • Annual Cost of In-Home Services: Half Weight (~2.86 Points)
  • Annual Cost of Adult Day Health Care: Half Weight (~2.86 Points)
  • Share of Adults Aged 65 and Older Who Could Not Afford a Doctor Visit: Full Weight (~5.71 Points)
     

Quality of Life – Total Points: 30

  • Share of Population Aged 65 & Older: Full Weight (~1.67 Points)
  • Elderly-Friendly Labor Market: Full Weight (~1.67 Points)
  • Share of Population Aged 65 & Older Below Poverty Level: Full Weight (~1.67 Points)
  • Elderly Food Insecurity Rate: Full Weight (~1.67 Points)
  • Access to Public Transportation: Full Weight (~1.67 Points)
  • Mildness of Weather: Double Weight (~3.33 Points)
  • Access to Scenic Byways: Full Weight (~1.67 Points)
  • Shoreline Mileage: Full Weight (~1.67 Points)
  • Museums per Capita*: Full Weight (~1.67 Points)
  • Theaters per Capita*: Full Weight (~1.67 Points)
  • Golf Courses per Capita*: Full Weight (~1.67 Points)
  • Access to Adult Volunteer Activities: Full Weight (~1.67 Points)
  • Elderly Volunteer Rate: Full Weight (~1.67 Points)
  • Violent-Crime Rate: Full Weight (~1.67 Points)
  • Property-Crime Rate: Full Weight (~1.67 Points)
  • Quality of Elder-Abuse Protections: Full Weight (~1.67 Points)
  • Air Quality: Half Weight (~0.83 Points)
  • Drinking-Water Quality: Half Weight (~0.83 Points)
     

Health Care – Total Points: 30

  • Family & General Physicians per Capita: Full Weight (~1.76 Points)
  • Dentists per Capita: Full Weight (~1.76 Points)
  • Nurses per Capita: Full Weight (~1.76 Points)
  • Share of Geriatricians Required to Meet Estimated Need (Geriatrician Shortfall): Full Weight (~1.76 Points)
  • Top-Rated Geriatrics Hospitals: Full Weight (~1.76 Points)
  • Health-Care Facilities per Capita: Full Weight (~1.76 Points)
  • Quality of Public Hospitals: Full Weight (~1.76 Points)
  • Well-Being Index for Americans Aged 55 and Older: Full Weight (~1.76 Points)
  • Share of Adults Aged 65 & Older with Good or Better Health: Full Weight (~1.76 Points)
  • Share of Adults Aged 65 Years and Older with Poor Mental Health: Full Weight (~1.76 Points)
  • Share of Adults Aged 65 & Older with a Disability: Full Weight (~1.76 Points)
  • Share of Adults Aged 65 & Older Who Are Physically Active: Full Weight (~1.76 Points)
  • Share of Adults Aged 65 and Older Who Are Obese: Full Weight (~1.76 Points)
  • Share of Adults 65 Years and Older with Inadequate Sleep: Full Weight (~1.76 Points)
  • Life Expectancy: Double Weight (~3.53 Points)
  • Death Rate for Adults Aged 65 & Older: Full Weight (~1.76 Points)
 

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