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January 25, 2022

Poor affordability makes New Jersey the worst state for retirees

Pennsylvania jumped to No. 21 in WalletHub's annual rankings

Lifestyle Retirement
New Jersey worst states retirement Thom Carroll/For PhillyVoice

Only New York is less affordable for retirees than New Jersey, according to an analysis by WalletHub, which ranked the state as the worst place to retire. Above, people walk along the Atlantic City Boardwalk.

New Jersey is far from the best place for senior citizens to spend their golden years, according to one analysis.

New Jersey was rated the worst state in which to retire for the second year in row by WalletHub.

The personal finance website examined each state's quality of life, affordability and health care. Each factor was evaluated by utilizing dozens of metrics to determine retirement sustainability.

New Jersey scored particularly badly in affordability, bettering only New York. It ranked No. 28 for health care and No. 34 for quality of life. However, it has one of the five lowest property crime rates. 

Still, that combination left New Jersey at the bottom of the list. 

Pennsylvania ranked No. 21, jumping from No. 32 on last year's list. It was No. 4 in quality of life, No. 25 in health care and No. 37 in affordability. But it also ranked as one of the five worst states for taxpayers.

Below are WalletHub's 10 worst states in which to retire. Their overall scores were calculated by a formula that incorporated each metric. 

50. New Jersey, 40.27
49. Mississippi, 41.17
48. New York, 42.47
47. Kentucky, 42.49
46. Oklahoma, 43.97
45. Illinois, 44.27
44. Rhode Island, 44.35
43. Arkansas, 44.43
42. West Virginia, 45.63
41. Louisiana, 46.03

Though WalletHub has deemed New Jersey a terrible place to retire, It previously has named in the best state in which to live, drawing high marks for safety, quality of life, education and health. WalletHub also named it the 10th best state for raising a family, with its education and child care offerings ranking the best in the country. 

Florida was named the best state in which to retire, ranking in the top five in affordability and quality of life. Delaware came in at No. 4. It was No. 2 for taxpayers, No. 6 for affordability and No. 15 for health care. 

Here are the 10 best states in which to retire:

1. Florida, 59.41
2. Virginia, 59.32
3. Colorado, 59.27
4. Delaware, 56.34
5. Minnesota, 55.85
6. North Dakota, 54.51
7. Montana, 54.44
8. Utah, 54.23
9. Arizona, 54.17
9. New Hampshire, 54.17

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