NASHVILLE, TN (WSMV) - Tennessee ranks No. 3 in the nation as best states to retire in 2021, according to a report released by Bankrate.
The New York-based consumer financial services company conducted the study using a variety of metrics to rank each state from best to worst places to retire.
The company used several public and private datasets related to the life of a retiree to create the ranking. The study examined five weighted categories.
Affordability was weighted at 40%, wellness at 20%, culture at 15%, weather also at 15% and crime at 10%.
Tennessee’s overall score was 18.85 and the state ranked No. 1 in affordability.
The Volunteer State also scored well in weather at No. 8. Bankrate calculated weather scores by using data on average daily temperature, tornado strikes, hurricane landfalls and earthquake reports.
“This state ranks No. 1 in affordability, thanks to the combination of below-average living costs and a small burden from local and state taxes, the study said. “Tennessee’s weather also is near the head of the class. Its rankings in crime and wellness drag down its overall score.”
Georgia ranked No. 1 in Bankrate’s report with Florida following as a close second. Missouri and Massachusetts round out the rest of the top five states for retirement. The five worst states for retirement according to the study are Alaska, Montana, Kansas, Minnesota and Maryland.