ARKANSAS (KNWA/KFTA) — If you’re looking to settle down in Arkansas or Oklahoma, you may want to look elsewhere as both states were listed among the bottom 10 U.S. states to retire in a new study.
Personal finance website WalletHub conducted the study after discovering 25% of all nonretired adults have no retirement savings. The study compared the 50 states across 47 key metrics including affordability, health-related factors, and overall quality of life.
According to WalletHub, Arkansas was listed at #41 while Oklahoma landed at #47. Arkansas did rank #8 in affordability, but it may not be where one wants to be as it landed at #49 in quality of life and #44 in health care.
Oklahoma ranked #19 in affordability, but #47 in quality of life and #43 in health care. Both states also landed in the top five of lowest adjusted cost of living and Arkansas ranked the fifth lowest for annual cost of in-home services.
The study listed Virginia as the best place to retire, followed by Florida, Colorado, Wyoming, and Delaware. Mississippi, New Jersey, and Kentucky preceded Oklahoma as the worst places to retire.
WalletHub further notes that even in the most affordable areas of the U.S., most retirees cannot rely on Social Security or pension checks alone to cover all of their living expenses as they replace only about 37% of the average worker’s earnings.\
For more information, visit WalletHub.com.