12 Best States for Retirement: 2020

(Related: 10 Best Foreign Countries for Retirement: 2020)

For most Americans, retirement generally occurs at the time they can start receiving Social Security or retirement benefits, according to a report released Monday by WalletHub, a personal finance website. For those whose finances in retirement is a big concern, relocating to a state that lets them keep more money without requiring a major lifestyle change is worth considering. But finding that place can be onerous. To help retirees find a safe, enjoyable and wallet-friendly place to call home, WalletHub ranked the 50 states according to their retirement friendliness. Researchers compared the states across three dimensions: affordability, quality of life and health care, evaluating those dimensions using 47 relevant metrics. It graded each metric on a 100-point scale, with a score of 100 representing the most favorable conditions for retirement. The data set ranges from adjusted cost of living to weather to quality of public hospitals. Take the annual cost of elderly housekeeping. It was $38,621 in the state with the lowest median cost, versus $68,640 in the state with the highest median cost. --- Related on ThinkAdvisor:

• 10 Best Foreign Countries for Retirement: 2020
• 12 Best States for Retirement: 2019