Ever wondered why so many Rhode Islanders retire to Florida?
According to a study by WalletHub, Rhode Island is the third worst state in the United States to retire while Florida ranks as the number one best place to retire.
Rhode Island ranks 4th worst for affordability, 13th worst for quality of life and 25th worst for health care.
The only states that ranked worse overall were Kentucky and New Mexico.
Here are the full rankings:
In order to identify the most retirement-friendly states, WalletHub compared the 50 states across three key dimensions: 1) Affordability, 2) Quality of Life and 3) Health Care.
They evaluated those dimensions using 47 relevant metrics, which are listed below with their corresponding weights. Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for retirement. For metrics marked with an asterisk (*), they used the square root of the population to calculate the population size in order to avoid overcompensating for minor differences across states.
They then calculated each state’s weighted average across all metrics to determine its overall score and used the resulting scores to rank-order the sample.