Florida Is The Best U.S. State For Retirees, Study Says

FLORIDA — Florida is the best U.S. state for retirees, according to a new ranking.

To determine the best and worst states to retire, credit and finance website WalletHub compared each across 46 key indicators of retirement-friendliness. Indicators ranged from financial factors like tax rates and the cost of living to things like access to quality medical care and fun activities.

Analysts found the best states for retirees are those that offer them low taxes and a low cost of living, among other amenities.

"Retirement is supposed to be relaxing, but it can also be incredibly stressful given that it typically puts people on a fixed income, which may not be enough for them to live comfortably," WalletHub analyst Chip Lupo said in a statement. "Having access to excellent medical care and homemaking services is also crucial, especially for people who don’t plan to retire in close proximity to their families.”

Florida beat out all other states to come in at No. 1 on the list.

"There’s a reason Florida is known as a retirement paradise – it ranks as the best state to retire due to its relatively low taxes for retired people, including no estate, inheritance or income taxes," WalletHub analysts wrote. "In addition to financial factors... it also has the second-most adult volunteer activities, fifth-most theater companies, and seventh-most golf courses and country clubs."

After Florida, Minnesota came in as the second-best place to retire, followed by Colorado, Wyoming and South Dakota.

Kentucky is the worst state to retire, according to the study, followed by Louisiana, Mississippi, Washington and New Mexico.