NJ Is Second-Worst State For Retirees, Study Says

NEW JERSEY — New Jersey is the second-worst U.S. state for retirees, according to a new ranking.

To determine the best and worst states to retire, credit and finance website WalletHub compared each across 46 key indicators of retirement-friendliness. Indicators ranged from financial factors like tax rates and the cost of living to things like access to quality medical care and fun activities.

Analysts found the best states for retirees are those that offer them low taxes and a low cost of living, among other amenities.

"Retirement is supposed to be relaxing, but it can also be incredibly stressful given that it typically puts people on a fixed income, which may not be enough for them to live comfortably," WalletHub analyst Chip Lupo said in a statement. "Having access to excellent medical care and homemaking services is also crucial, especially for people who don’t plan to retire in close proximity to their families.”

New Jersey came in at No. 45 on the list. It also ranked among the worst states in affordability and scored low on quality of life, according to the ranking.

Kentucky is the worst state to retire, according to the study, followed by Louisiana, Mississippi, Washington and New Mexico.

Florida was recognized as the best state to retire, followed by Minnesota, Colorado, Wyoming and South Dakota.

See the full ranking at WalletHub.com.