How Does Arizona Stack Up as a Retirement Destination?

retirement

retirementPlanning for your retirement should begin as soon as you enter the workforce. Initially, your retirement plan is likely to be nothing more than a designated savings account or retirement account. Over the years, that plan will grow and become more detailed and complex. One of the most important factors affecting your retirement plan is your choice of retirement location. Whether you currently live in the State of Arizona, or are only thinking about retiring to Arizona, the recent WalletHub Survey on retirement states may shed some light on how Arizona stacks up as a retirement location.

Arizona – A Popular Retirement Destination

Deciding where to live when you retire is one of the most important decisions you will ever make. After all, you will likely spend a quarter of your life in your chosen destination. Many factors go into deciding where to live during your Golden Years, including friends and family, weather, the cost of living, and the availability of services for the elderly. The State of Arizona has long been a popular retirement destination, due in large part to the yearly sunshine, warm weather, and lack of humidity. In fact, many developers have designed new communities specifically with retirees in mind throughout the State of Arizona. Therefore, if you are considering Arizona as your retirement destination you are hardly alone. Is Arizona really as great a location as many people appear to believe though? A recent survey by WalletHub may help answer that question.

The WalletHub Study

WalletHub conducted a study of all 50 states in an effort to determine which states are the best and which are the worst for retirees.  They compared the 50 states across 41 key indicators of retirement-friendliness. Their analysis examined affordability, health-related factors, and overall quality of life. Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for retirement. Each state received an overall score and ranking for each of the three broad categories – affordability, health care, and quality of life. The overall “winner” was – not surprisingly – the State of Florida with a combined score of 66.79 followed closely by Colorado with 66.17 and then South Dakota with 65.89 points. Interestingly, both the second and third place “winners” are states that are not known for having warm nor dry climates.  At the very bottom of the rankings, you will find Rhode Island, New Jersey, and in last place, was Kentucky with 43.06 points.

How Did Arizona Do?

Arizona has long been a popular retirement destination. If you are thinking of making it your retirement location, you might be interested to know how the state stacked up in the study. Overall, Arizona came in as the 10th best state for retirees with a total score of 60.67. Arizona ranked 21st in both the “affordability” and the “quality of life” categories. The state fared a bit better in the “health care” category where it came in number 17. Interestingly, Arizona ranked 48th in the sub-category of “lowest percentage of workforce over age 65.”

Retirement Planning

Whether you stick with Arizona as your retirement destination of choice, or change your plans, the best thing you can do now for a worry-free retirement later is to create a well thought out retirement plan that works in harmony with your existing estate plan. To make sure your plans reflect your needs and wishes for your Golden Years, sit down with your estate planning attorney in the near future and coordinate your two plans.

Contact an Arizona Retirement Planning Attorney

For more information, please join us for an upcoming FREE seminar. If you have additional questions or concerns about retirement planning, contact the experienced Arizona retirement planning attorneys at Morris Hall PLLC by calling 888-222-1328 to schedule your appointment today.

for your retirement should begin as soon as you enter the workforce. Initially, your retirement plan is likely to be nothing more than a designated savings account or retirement account. Over the years, that plan will grow and become more detailed and complex. One of the most important factors affecting your retirement plan is your choice of retirement location. Whether you currently live in the State of Arizona, or are only thinking about retiring to Arizona, the recent Wallet Hub Survey on retirement states may shed some light on how Arizona stacks up as a retirement location.

Arizona – A Popular Retirement Destination

Deciding where to live when you retire is one of the most important decisions you will ever make. After all, you will likely spend a quarter of your life in your chosen destination. Many factors go into deciding where to live during your Golden Years, including friends and family, weather, the cost of living, and the availability of services for the elderly. The State of Arizona has long been a popular retirement destination, due in large part to the year around sunshine, warm weather, and lack of humidity. In fact, many developers have designed new communities specifically with retirees in mind throughout the State of Arizona. Therefore, if you are considering Arizona as your retirement destination you are hardly alone. Is Arizona really as great a location as many people appear to believe though? A recent survey by Wallet Hub may help answer that question.

The Wallet Hub Study

WalletHub conducted a study of all 50 states in an effort to determine which states are the best and which are the worst for retirees.  They compared the 50 states across 41 key indicators of retirement-friendliness. Their analysis examined affordability, health-related factors, and overall quality of life. Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for retirement. Each state received an overall score and ranking for each of the three broad categories – affordability, health care, and quality of life. The overall “winner” was – not surprisingly – the State of Florida with a combined score of 66.79 followed closely by Colorado with 66.17 and then South Dakota with 65.89 points. Interestingly, both the second and third place “winners” are states that are not known for having warm nor dry climates.  At the very bottom of the rankings, you will find Rhode Island, New Jersey, and in last place, was Kentucky with 43.06 points.

How Did Arizona Do?

Arizona has long been a popular retirement destination. If you are thinking of making it your retirement location, you might be interested to know how the state stacked up in the study. Overall, Arizona came in as the 10th best state for retirees with a total score of 60.67. Arizona ranked 21st in both the “affordability” and the “quality of life” categories. The state fared a bit better in the “health care” category where it came in number 17. Interestingly, Arizona ranked 48th in the sub-category of “lowest percentage of workforce over age 65.”

Retirement Planning

Whether you stick with Arizona as your retirement destination of choice, or change your plans, the best thing you can do now for a worry-free retirement later is to create a well thought out retirement plan that works in harmony with your existing estate plan. To make sure your plans reflect your needs and wishes for your Golden Years, sit down with your estate planning attorney in the near future and coordinate your two plans.

Contact an Arizona Retirement Planning Attorney

For more information, please join us for an upcoming FREE seminar. If you have additional questions or concerns about retirement planning, contact the experienced Arizona retirement planning attorneys at Morris Hall PLLC by calling 888-222-1328 to schedule your appointment today.

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