Report: Kentucky is 8th worst state for retirement; Ohio is 17th - Cincinnati News, FOX19-WXIX TV

Report: Kentucky is 8th worst state for retirement; Ohio is 17th worst

Kentucky ranked the 8th worst state for retirement on a new report Bankrate.com released Monday. (Provided by Bankrate.com) Kentucky ranked the 8th worst state for retirement on a new report Bankrate.com released Monday. (Provided by Bankrate.com)

Kentucky and Ohio didn't fare so well on a new ranking of the best states for retirement.

The Bluegrass State is the 8th worst state for retirement, and Ohio is the 17th worst, according to a new report Bankrate.com released Monday. 

Indiana did slightly better, ranking the 22nd worst.

The analysis included cost of living, taxes, healthcare, crime and climate and was weighted based on factors that Americans say they care about the most.

Kentucky received the second-lowest score for well-being among seniors, with poor scores for lifestyle habits and disease. Kentucky's health care system also received poor marks from the federal Agency for Healthcare Research and Quality. The agency, part of the Department of Health and Human Services, noted that the state has a problem with potentially avoidable hospitalizations for acute and chronic conditions.

And if it's temperate weather you want, then look elsewhere. Tornado outbreaks are common here, and summers are hot and humid.

There is one benefit to living in Kentucky: It has one of the lowest costs of living in the country. So from a purely financial perspective, your retirement dollars will go much further.

Ohio scored highly for its cost of living (17th lowest in the nation), but lost points for well-being (how satisfied residents 65 and older are with their surroundings, according to Gallup - Healthways Well-Being Index – 10th lowest) and its weather (14th lowest).

So which state topped the list? Florida and Hawaii may be dream retirement spots for some, but Wyoming is actually the best state for retirees, Bankrate.com says. 

The worst state for retirees: Arkansas.

Bankrate.com ranked all 50 states according to several factors. They included local weather, cost of living, crime rate, health care quality, tax burden and senior well-being (a measurement from the Gallup-Healthways Well-Being Index that quantifies how satisfied residents 65 and older are with their surroundings). Each factor was weighted to according to a national survey on what people value in retirement.

Wyoming came out on top for its low cost of living, low crime rate and low tax burden. Other states that round out the top 10 best states to retire are Colorado, Utah, Idaho, Virginia, Iowa, Montana, South Dakota, Arizona and Nebraska.

The survey used in Bankrate's ranking also asked Americans which factors are most important to them when thinking of where to live in retirement.

Three in five Americans want to spend their golden years in another city or state, but the desire to move away from home fades with age. Twenty four percent say being close to family is the most important factor in deciding where to retire. 

Women value a cheap cost of living more highly than men (59 percent vs. 43 percent). 

Four in 10 Americans say locales with access to mountains, rivers and other outdoor recreation would be most appealing, while 25 percent prefer living near a beach. 

“There are many factors retirees should consider before deciding where to put down their roots,” said Bankrate.com research and statistics analyst Chris Kahn. “Warm weather may be an initial draw, but all the sunny days in the world won't make you happy if you're constantly stretching your budget or don't have access to quality health care.”

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