(AUSTRALIA OUT) Generic photo of a retired couple sitting on a bench on a pier bathed in sunlight, 3 July 1999. AFR Picture by GREG NEWINGTON (Photo by Fairfax Media via Getty Images via Getty Images)
NEW YORK CITY - Retirement looks different for everyone. Some people picture life on the beach, while others hope to spend quality time at home with their loved ones.
What if you decided to retire in the New York City area? A new study shows just how far your money will go.
What we know:
New York was ranked No. 45 in a list of the "Best and Worst States to Retire in 2026," while New Jersey grabbed the 35th spot.
State rankings were determined based on financial factors, like tax rates and the cost of living, as well as lifestyle factors, such as access to quality medical care and fun activities.
Here's how New York and New Jersey compare:
New York
- 45th overall
- 50th in affordability
- 12th in quality of life
- 12th in health care
New Jersey
- 35th overall
- 45th in affordability
- 30th in quality of life
- 9th in health care
Best and worst retirement states
Big picture view:
Wyoming was named the best state for retirement mostly thanks to its affordability, while Kentucky landed at the bottom of the list for retirees.
Top 5 states to retire
- Wyoming
- Florida
- South Dakota
- Colorado
- Minnesota
5 worst states to retire
- Kentucky
- Oklahoma
- Mississippi
- West Virginia
- Hawaii
What they're saying:
"Retirement is supposed to be relaxing, but it can also be incredibly stressful given that it typically puts people on a fixed income, which may not be enough for them to live comfortably. As a result, the best states for retirees are those that have low taxes and a low cost of living to help retirees’ budgets stretch as far as possible. Having access to excellent medical care and homemaking services is also crucial, especially for people who don’t plan to retire in close proximity to their families," said Chip Lupo, a WalletHub analyst.
The Source: Information from this article was provided by WalletHub.