Texas ranks in the bottom half of all states when it comes to preferred places to live among retirees, according to a new study.
“Being a preferred state among retirees means it’s more affordable and possibly even safer,” Jill Gonzalez, an analyst with WalletHub, told The Dallas Express in an interview.
The 2022 WalletHub Best States to Retire placed Texas at No. 34 out of 50 because it reportedly lacks retired taxpayer friendliness, has a large share of people 65 and older who cannot afford a doctor visit, and a low overall population of people aged 65 and older at 12.3%.
“Despite the lack of a state income tax, the state and local tax rates in Texas are among the highest, and the state was marked as least tax-friendly for retirees by Kiplinger magazine,” Gonzalez explained.
Texas placed 42nd last year, 17th in 2020, and 20th in 2019.
“Looking at healthcare, Texas needs improvement in terms of the number of residents who are fully vaccinated, it should have more family medicine physicians, dentists, nurses and healthcare facilities, a higher well-being index for the population aged 55+, more senior citizens in good health and who are physically active, fewer elderly people with a disability and who are obese, a higher life expectancy, and a lower death rate,” Gonzalez said.
Florida landed in 1st place, followed by the state of Virginia at No. 2.
“Mildness of weather is a very important factor for retirees when they decide on a place to spend their retirement,” Gonzalez said. “Factors that make Florida a preferred state for retirees include its shoreline mileage, a large number of theaters and golf courses per capita, and the accessibility of adult volunteer activities.”
Virginia ranked second due to its lack of an estate or inheritance tax, low share of elderly residents in poverty at 7.5%, and low elderly food insecurity rate, according to WalletHub data.
“The state also ranked high in terms of shoreline mileage, access to adult volunteer activities, elder abuse protections and [its] low crime rate and high drinking water quality,” Gonzalez said. “Virginia’s healthcare system boasts a large number of dentists and top-rated geriatrics hospitals.”
The COVID vaccination rate was included in the analysis because it indicates how safe it is for senior citizens to have a normal life during the pandemic, according to Gonzalez.
“Taking into account the fact that the elderly are the most vulnerable to the virus, a higher vaccination rate makes a state safer for retirees to live in,” she said.
The study further found that New Jersey is the worst state to retire due to its high cost of living and large share (nearly 5%) of the population over age 65 who cannot afford a doctor visit.
“The state also lacks access to scenic byways, has a small number of museums per capita, a low elderly volunteer rate at less than 22%, [and] lacks in quality of elder abuse protections and drinking water quality,” Gonzalez added. “New Jersey’s healthcare system also has a small number of family medicine physicians and healthcare facilities, low quality public hospitals, and a low well-being index score for those aged 55 and over.”
