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HomeMinnesota Breaking NewsWhat It’s Like to Retire in Minnesota Compared to Other States

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

imageForEntry47 7EXDeciding 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.

Overall rank State Best category Best category ranking (of 50 states) Worst Category Worst category ranking (of 50 states) Population age 65 and older (%)
1 Florida Culture and diversity 1 Crime 27 20.5
2 Georgia Weather 4 Culture and diversity 37 13.9
3 Michigan Affordability 1 Well-being 39 17.2
4 Ohio Affordability 11 Culture and diversity 34 17.0
5 Missouri Affordability 3 Crime 42 16.9
6 Kentucky Weather 3 Culture and diversity 50 16.4
7 Texas Affordability 9 Culture and diversity 48 12.5
8 Tennessee Affordability 2 Crime 45 16.4
9 Pennsylvania Crime 12 Weather 33 18.3
10 South Dakota Affordability 15 Weather 41 16.7
11 West Virginia Weather 8 Well-being 48 19.9
12 Mississippi Affordability 4 Well-being 50 15.9
13 Arizona Weather 1 Crime 41 17.6
14 Iowa Crime 12 Weather 31 17.1
15 North Carolina Affordability 16 Well-being 38 16.3
16 Illinois Well-being 13 Culture and diversity 31 15.7
17 Wisconsin Crime 12 Weather 38 16.9
18 Indiana Affordability 12 Culture and diversity 43 15.7
19 Oklahoma Affordability 6 Culture and diversity 46 15.7
20 New York Well-being 5 Affordability 42 16.5
21 Virginia Crime 9 Culture and diversity 40 15.4
22 Wyoming Crime 7 Weather 49 16.4
23 New Hampshire Crime 1 Weather 45 18.1
24 North Dakota Well-being 16 Weather 46 15.3
25 South Carolina Weather 16 Crime 46 17.7
26 New Jersey Well-being 3 Affordability 46 16.2
27 Nevada Culture and diversity 11 Crime 40 15.8
28 Colorado Well-being 7 Weather 44 14.2
29 Arkansas Affordability 8 Well-being 49 16.9
30 Nebraska Well-being 19 Weather 37 15.7
31 Utah Well-being 10 Culture and diversity 47 11.1
32 Massachusetts Well-being 1 Affordability 47 16.5
33 Idaho Crime 6 Weather 43 15.8
34 Rhode Island Crime 7 Affordability 44 17.3
35 Minnesota Well-being 15 Weather 42 15.8
36 Alabama Affordability 10 Well-being 46 16.9
37 Kansas Affordability 20 Culture and diversity 45 15.8
38 Oregon Culture and diversity 6 Affordability 40 17.6
39 Louisiana Weather 6 Crime 48 15.4
40 Delaware Culture and diversity 2 Affordability 39 18.8
41 Washington Well-being 9 Affordability 38 15.4
42 Hawaii Well-being 2 Affordability 50 18.4
43 Connecticut Crime 4 Affordability 48 17.2
44 Maryland Well-being 4 Affordability 43 15.4
45 Vermont Culture and diversity 3 Affordability 45 19.4
46 Montana Culture and diversity 10 Weather 47 18.7
47 New Mexico Weather 12 Crime 50 17.4
48 California Well-being 6 Affordability 49 14.3
49 Maine Crime 2 Weather 50 20.6
50 Alaska Culture and diversity 26 Crime 49 11.9
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