TEXAS – Texas is known for a lot of things, but unfortunately, a good place for retirement isn’t one of them.
According to a recent study by BankRate, which is a source for financial guidance, Texas is ranked as one of the worst states for retirees.
To create the ranking, BankRate said it reflected what Americans value most in a retirement destination: Affordability, weather, neighborhood safety, health care, local taxes, arts, people of a similar age, miscellaneous, and arts, entertainment, and recreation.
“Our survey results may be shocking to any retirees who only considered warm weather and income taxes in their relocation plans,” says Stephen Kates, CFP, Bankrate financial analyst. “We incorporated 15 different data points into our analysis for a comprehensive perspective on the true costs of retirement across different states.”
According to the survey, affordability was one of the main issues for retirees, and Bankrate’s Retirement Savings Survey over the years has found that Americans feel behind on savings for their golden years.
“Retirees and pre-retirees should take notice of these rankings because we looked beyond the typical categories to look closely at important lifestyle and risk factors for residents of various states,” says Kates. “There is more to being a resident than just the number of sunny days and taxes. Categories like public safety, walkability, access to healthcare, air quality, recreational opportunities, and more add up to the daily quality of life retirees want.”
Texas, which ranked No. 49 out of 50 worst states to retire in, received a low ranking in nearly every other category besides taxes, in which we scored seventh overall. Texas ranked dead last in health care and 49th in people of similar age. Safety was also notably weak, as the state ranked 38th.
On the top-weighted category of affordability, Texas ranked 42nd, and even on weather, which should be a winner for much of the South, Texas was ranked 47th, due to tornadoes and hurricanes, more than offsetting a 13th rank in total sunshine.
The best state to retire in, according to the survey, is New Hampshire.
