What It’s Like to Retire in Minnesota Compared to Other States

Deciding where to live in retirement is one of the most important decisions many retirees in the United States need to make. While some may want to stay close to family and friends, others may prioritize affordable housing, a reasonable cost of living, and a low tax rate to maximize retirement income. Safety, access to health care, and climate are also big factors.

Using data from financial services company and personal finance website Bankrate, 24/7 Wall St. reviewed the best and worst states to retire. Bankrate analyzed multiple data points and assigned a weight to each category: affordability (40%), well-being (20%), culture and diversity (15%), weather (15%), and crime (10%).

According to the report, Minnesota ranks as the 16th worst place to retire among the 50 states. The state ranks 15th best in well-being, its best performing category. This category takes multiple measures into account, including access to health care, access to food, and economic security. Minnesota’s worst performing category is weather. In this category, which is based on climate data and the likelihood of natural disasters, Minnesota ranks ninth worst in the country.

Of the 5,600,166 people who reside in Minnesota, 15.8% are 65 or older, the 19th smallest share among states, according to five-year estimates from the U.S. Census Bureau’s 2020 American Community Survey.

All data in this story is from Bankrate and the U.S. Census Bureau. A full methodological explanation is available here.