Known for its year-round sunshine, recreational activities, and famous retirement villages, Florida is often seen as the best choice for retirees.
However, in a WalletHub study published earlier this year, the only state that outranked Florida couldn’t be more different from it.
Wyoming narrowly took the top spot, largely because of its affordability and quality of life — though limited access to healthcare and harsh winters mean it won’t suit every retiree.
“Conventional wisdom would tell you, it’s time to retire, you move south to Florida, or west to Arizona, where the weather’s nice, the weather’s warm year-round,” Chip Lupo, an analyst for WalletHub, told Business Insider.
Yet, particularly after the pandemic, Lupo said there is more of “an urgency when it comes to making the retirement dollar stretch furthest.”
Wyoming is tax-friendly and has a low cost of living
WalletHub ranked all 50 states based on affordability, quality of life, and healthcare. Wyoming ranked first for affordability due to metrics such as a low cost of living when adjusted for retirees’ needs.
Wyoming also has the seventh-lowest share of residents over 65 living in poverty, the study cited.
GummyBone/Getty Images
With no inheritance, estate, and state income tax, both Florida and Wyoming have among the lowest tax burdens on residents of all US states.
However, Lupo pointed to Florida’s high real estate prices and home insurance costs as further reasons Wyoming beats it for affordability.
The state has a high quality of life but lacks in healthcare
A low crime rate and high percentage of neighborly favors also contributed to Wyoming’s retirement score.
Wyoming ranked 10th for the best elder abuse protections, in part due to the state’s relatively high total expenditure on elder abuse prevention and legal assistance.
However, despite its affordability and quality of life, Wyoming ranked 33rd for healthcare. Its remoteness means residents have to travel farther than in other states to access specialized care, Lupo added.
Wirestock/Getty Images/iStockphoto
Casper, Wyoming, was ranked the 5th-best US city for retirement in a separate WalletHub study. Its relative lack of activities for seniors, such as recreation centers, as well as lower healthcare performance, meant it finished behind Orlando, Miami, Tampa, and Scottsdale.
Wyoming is for retirees who want a slower pace of life
Its harsh winters and high altitude also make Wyoming not suitable for all retirees. Nonetheless, for individuals seeking a peaceful place to retire, it’s an option to consider.
“What a lot of people don’t realize when they retire to Florida is that, in a lot of cases, they’re in the midst of tourist hubs. And a lot of people don’t necessarily want to be surrounded by tourists year-round,” Lupo said.
“Wyoming’s a little bit quieter, a little calmer,” he added.
