Retirees across the U.S. are navigating the challenges of rising inflation and fixed incomes, making affordability and quality of life critical factors when choosing where to settle down. WalletHub’s 2024 report on the Best & Worst States to Retire placed South Carolina at 20th overall, highlighting its strengths and areas for improvement compared to other states.
How the Rankings Were Determined
WalletHub evaluated all 50 states using 46 key metrics across three categories: affordability, health-related factors, and overall quality of life. These factors help retirees identify states that balance financial feasibility with a fulfilling lifestyle.
South Carolina’s Highlights
While ranked 20th overall, South Carolina remains a popular destination for retirees due to its relatively mild climate, scenic landscapes, and lower-than-average cost of living. Its affordability is particularly appealing, and its healthcare options are accessible, although the state could improve in areas such as quality-of-life metrics compared to higher-ranking states like Florida and Minnesota.
Top 10 Best States for Retirement
- Florida
- Minnesota
- Colorado
- Wyoming
- South Dakota
- Pennsylvania
- New Hampshire
- Delaware
- North Dakota
- Wisconsin
Florida, the perennial retirement haven, took the top spot for its mix of affordability, warm weather, and entertainment options. Minnesota stood out for its high quality of life and healthcare services.
The 10 Worst States for Retirement
- Hawaii
- Arkansas
- West Virginia
- Rhode Island
- New Jersey
- New Mexico
- Washington
- Mississippi
- Louisiana
- Kentucky
Kentucky ranked last due to its low affordability and quality of life scores, while Louisiana and Mississippi struggled with similar issues.
Key Insights from the Study
- Affordability: Alabama has the lowest adjusted cost of living for retirees, 2.2 times lower than Hawaii, which is the most expensive state.
- Healthcare Costs: Mississippi has the lowest median annual cost of elderly housekeeping services, 3.3 times lower than Montana, which is the highest.
- Employment Trends: South Dakota has the highest share of residents aged 65 and older still working, while West Virginia has the lowest.
- Population Demographics: Maine has the highest percentage of residents aged 65 and older, nearly double that of Utah, which has the lowest.
Why South Carolina is Still a Top Choice
Despite its ranking of 20th, South Carolina continues to attract retirees with its tax-friendly policies, access to beautiful beaches and mountains, and strong sense of community. Its proximity to top-ranked states like Florida and its lower cost of living compared to northern states make it an excellent option for those seeking balance in their retirement years.
As retirees face ongoing economic challenges, reports like WalletHub’s provide valuable insights into where seniors can stretch their dollars while enjoying the lifestyle they deserve.
Sign up for our Sunday Spectator. Delivered to your inbox every Sunday, with all the news from the week.
