Best places to retire in 2024 revealed in new study

Expert on retirement savings

Indira Venkat serves as the Senior Vice President of Research at AARP, she joins LiveNOW from FOX to discuss a recent survey that found more than 20% of adults ages 50 and older have no retirement savings. Venkat explains how Americans are worried about covering basic expenses.

NEW YORK - If you’re trying to figure out where to settle down and retire, you may want to consider one of these cities.

A new study from Bankrate has ranked all 50 U.S. states to determine the best states to retire in 2024.

The report ranked the states based on metrics important to retirees, including affordability, overall well-being, cost of health care, weather and crime.

"The reality is that most Americans feel behind on saving for retirement, which means affordability is critical," Bankrate analyst Alex Gailey said in a statement. "A move to a more affordable location could be an effective way for soon-to-be retirees to stretch their retirement savings in this economy. If you’re behind on savings and retirement is just a few years away, now’s the time to play catch-up."

Delaware ranked best place to retire

The new study found that Delaware is the best state to retire in 2024, moving up from 2nd place last year. Iowa, which was last year's number one, dropped to 9th place, according to the report.

"Delaware overtook Iowa for the number one spot in this year’s ranking of the best and worst states to retire," Gailey continued. "While Delaware is a pricier state to live in, the state’s high-quality healthcare, light tax burden, affordable homeowners insurance and good weather propelled it to the top spot this year. Delaware also scored well in diversity, wellness and culture and has a high share of residents who are 62 and older compared to its population."Delaware ranked well in categories such as overall well-being, weather and affordability, despite its less favorable rankings in the categories of quality/cost of health care and crime.

Additionally, Delaware had strong rankings in metrics such as combined state and local sales tax, amount of adults 62 and older per capita, and state health system performance.

Midwest, south claim best states to retire

The midwest and south claimed the remaining best states to retire for the second year in a row.

West Virginia moved up from third place last year into the second spot overall this year and ranked first in affordability for the second year in a row.

Additionally, Georgia and South Carolina jumped into the top five this year, driven by their better scores in the affordability and weather categories, followed by Missouri, rounding out the top five.

Iowa notably fell from first place last year to 9th overall this year due to lower scores in the affordability category, which makes up 40% of the ranking. The cost of living, property taxes and homeowners insurance have all risen in Iowa since last year, according to the data.

Among the states who ranked first overall in each category, West Virginia ranked first in affordability, Idaho in quality/cost of healthcare, Hawaii in overall well-being and weather, and New Hampshire ranking first for least crime.

Alaska ranks last place – again

Alaska held last place in both the 2023 and 2024 rankings.

The state received unfavorable rankings in affordability, crime, weather, quality/cost of health care, and overall well-being. The remaining four worst states for retirement were New York, Washington, California and North Dakota – all primarily driven by affordability.

"The reality is that most Americans feel behind on saving for retirement, which means affordability is critical," added Gailey. "A move to a more affordable location could be an effective way for soon-to-be retirees to stretch their retirement savings in this economy. If you’re behind on savings and retirement is just a few years away, now’s the time to play catch-up."

This story was reported from Los Angeles.