NEW JERSEY, NJ -- With almost 25 percent of all American adults having no retirement savings or pension, the personal-finance website WalletHub released its report on “Best States to Retire” list for 2019. To the surprise of few people, New Jersey ranked among the most worst, landing at No. 46 among the 50 states of the U.S.

WalletHub compared every state across 46 key metrics. The data set ranges from adjusted cost of living to weather to quality of public hospitals. The rankings for adjusted cost of living and annual cost of in-home services mean that the state is one of the costliest, according to a WalletHub spokesperson.

Florida finished at the top, followed, surprisingly, by South Dakota, Colorado and New Hampshire. New Jersey was fourth from the bottom, and the two other states in the Tri-State area -- New York and Connecticut -- didn’t rate much higher.

Sign Up for E-News

Retiring in New Jersey (1=Best; 25=Avg.)

  • Adjusted Cost of Living: 42nd place
  • Annual Cost of In-Home Services: 33rd place
  • WalletHub ‘Taxpayer’ Ranking: 42nd place

*The WalletHub Taxpayer ranking is based on its "2018 Tax Rates by State" report.

The good news is that the ranking of private, federal-, state-, and local-government hospitals per 100,000 residents in New Jersey is No. 2, while the ranking for nursing and residential care facilities per is No. 23.

Here are WalletHub’s Top Ten:

Overall Rank
(1=Best)

State

‘Affordability’ Rank

‘Quality of Life’ Rank

‘Health Care’ Rank

1

Florida

1

7

27

2

South Dakota

9

22

5

3

Colorado

26

9

4

4

New Hampshire

25

3

9

5

Virginia

14

13

24

6

Utah

16

14

16

7

Iowa

27

8

10

8

Wyoming

8

12

36

9

Pennsylvania

23

5

22

10

Minnesota

43

1

1

In the Tri-State area, New York rated highest, although three states all were ranked in the lower half of the study.

36

New York

47

11

13

38

Connecticut

48

20

7

46

New Jersey

45

33

29

Did WalletHub take weather into consideration? The Top 10 included South Dakota (No. 2 in the overall rankings), which is cold and remote -- not exactly what seniors are seeking.

"We did account for the weather, and South Dakota certainly did not rank very well in terms of mildness,” the spokesperson said. “However, it's one of the most affordable states to live in, and scored high in the healthcare category.”

What led to the surprisingly high ranking was South Dakota does not have a personal income tax, and its sales taxes are among the lowest in the nation. It also does not tax Social Security and pensions, nor does it have an estate or inheritance tax.  South Dakota also has the highest number of nurses per capita, top-rated geriatrics hospitals, and the second highest number of healthcare facilities per capita.

For the full report, click here: