Finance

A study by WalletHub ranks Minnesota as the 8th best place to retire

Personal finance website WalletHub compared all 50 states across 47 key metrics, examining affordability, health-related factors and overall quality of life.

GOLDEN VALLEY, Minn. — For some, retirement is one of life’s ultimate goals, a time to enjoy the fruits that come after decades of work or a career.

But where retirement can have a significant impact on how financially comfortable you can be in those golden years. The personal finance website WalletHub says that even in the most affordable parts of the U.S., many retirees cannot rely on Social Security or pension checks alone to cover all of their living expenses.

In fact, the Center on Budget and Policy Priorities reminds us that Social Security benefits increase with local inflation, but only replace about 37% of the average worker’s earnings.

With 25% of all non-retired adults having no retirement savings and only 40% of non-retired adults thinking their retirement savings are on track, WalletHub is releasing its report on the best states for retirement in 2023. The study compares 50 states in three key dimensions: WalletHub compared 50 countries on three key dimensions: affordability, overall quality of life and healthcare. Within those key dimensions are 47 different metrics that include tax affordability, annual adult day care costs, risk of social isolation and access to public transportation among them.

If you’re planning to hang up your hat in Minnesota after you leave the workforce, the news is pretty good: The Gopher State ranks as WalletHub’s 8th best state for retirement. Here are a few categories where Minnie is pretty good.

Minnesota Retirement (1=Best; 25=Avg.):

  • 22nd – Adjusted cost of living
  • 28th – WalletHub ‘Tax Payers’ Rank
  • 4 – A labor market adapted to the elderly
  • 3rd – Life expectancy
  • 1 st – Health facilities per capita
  • 18th – Percentage of residents 12+ who are fully vaccinated against COVID-19

The report lists Virginia, Florida, Colorado, Wyoming and Delaware as the top five states where they will retire, while the bottom five includes Kentucky, New Jersey, Mississippi, Oklahoma and New York.

Minnesota ranked number one in multiple categories, including health facilities and theaters per capita. We are third in life expectancy behind Hawaii and California.

One knock on Minnesota is its ranking as the most expensive place to hire home care services.

For more details on the report, including commentary from prominent experts on finance, aging and longevity, see the WalletHub website.

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