PROVIDENCE – Rhode Island is ranked among the worst states in the nation to retire in two new rankings, though things may be improving slightly for Ocean State seniors.
WalletHub ranked the state 40th in the nation for retirees. The financial website based in Miami, Fla. compared all 50 states and Washington, D.C., across three key dimensions: affordability, quality of life and health care, to determine the most retirement-friendly states.
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Rhode Island is ranked in the bottom 10 by scoring 39th for affordability, 39th for quality of life and 14th for health care for an overall score of 44.95.
However, the 40th ranking is an improvement for the Ocean State. Last year, Rhode Island ranked 44th and 46th in 2021.
Rhode Island is the lone New England state in the bottom 10. Massachusetts ranks 17th overall, with the commonwealth scoring 47th for affordability, first for quality of life and second for health care for an overall score of 51.88.
New Hampshire is sixth, Maine is 29th, Vermont is 34th and Connecticut is 35th.
Virginia is ranked the best state to retire. It ranks 16th for affordability, 11th for quality of life and 11th for health care for an overall score of 57.55.
Kentucky is ranked the worst state to retire. It scored 33rd for affordability, 41st for quality of life and 46th for health care for an overall score of 38.80.
In another recent study by Seniorly resource center, an online resource center and data base for elderly services, Rhode Island ranks 46th in the nation among the best states to retire.
That study analyzed data across eight metrics: cost of living index score, average Medicare spending on personal health care per beneficiary, annual median costs for a home health aide, share of homeowners 65 and older who spend less than 30% of their income on housing, average monthly home electricity bill, average retirement income among adults 65 and older, tax-friendliness for retirees rating and poverty rate among adults age 65 and older, to determine their rankings.
Data showed Rhode Island had a cost of living index score of 112.9, average retirement income of $31,399, share of homeowners 65 and older who spend less than 30% of their income on housing of 68.1%, average electricity bill of $130, senior poverty rate of 9.8%, average Medicare spending on personal health care per beneficiary of $11,231, annual median costs for a home health aide of $71,500 and not tax friendly for retirees.
Rankings from previous studies by Seniorly resource center were not immediately available.
Massachusetts is ranked the worst in the nation. The Bay State had a cost of living index score of 149.7, average retirement income of $35,982, share of homeowners 65 and older who spend less than 30% of their income on housing of 65.6%, average electricity bill of $136, senior poverty rate of 10.6%, average Medicare spending on personal health care per beneficiary of $12,917, annual median costs for a home health aide of $70,928 and most tax friendly for retirees.
Wyoming is ranked best in the Seniorly study. That state had a cost of living index score of 92.5, average retirement income of $34,287, share of homeowners 65 and older who spend less than 30% of their income on housing of 80.2%, average electricity bill of $97, senior poverty rate of 6.7%, average Medicare spending on personal health care per beneficiary of $10,274, annual median costs for a home health aide of $66,352 and ranks as most tax friendly for retirees.
Maine is the highest ranked in state in New England at 19th. That state had a cost of living index score of 115.3, average retirement income of $29,128, share of homeowners 65 and older who spend less than 30% of their income on housing of 80.2%, average electricity bill of $99, senior poverty rate of 9.2%, average Medicare spending on personal health care per beneficiary of $10,343, annual median costs for a home health aide of $68,640 and a mixed ranking for tax friendly for retirees.
Vermont is 34th, New Hampshire is 39th and Connecticut 49th among the other New England states.
(Updated: corrects Connecticut 35th in WalletHub 2023 ranking)
