(AUSTRALIA OUT) Generic photo of a retired couple sitting on a bench on a pier bathed in sunlight, 3 July 1999. AFR Picture by GREG NEWINGTON (Photo by Fairfax Media via Getty Images via Getty Images)
WASHINGTON, D.C. - Retirement looks different for everyone. Some people picture life on the beach, while others hope to spend quality time at home with their loved ones.
What if you decided to retire in the Washington, D.C., area? A new study shows just how far your money will go.
What we know:
Virginia was ranked No. 12 in a list of the "Best and Worst States to Retire in 2026," while Maryland grabbed the 36th spot.
State rankings were determined based on financial factors, like tax rates and the cost of living, as well as lifestyle factors, such as access to quality medical care and fun activities.
Here's how Maryland and Virginia compared:
Virginia
- 12th overall
- 20th in affordability
- 15th in quality of life
- 25th in health care
Maryland
- 36th overall
- 41st in affordability
- 20th in quality of life
- 22nd in health care
Best and worst retirement states
Big picture view:
Wyoming was named the best state for retirement mostly thanks to its affordability, while Kentucky landed at the bottom of the list for retirees.
Top 5 states to retire
- Wyoming
- Florida
- South Dakota
- Colorado
- Minnesota
5 worst states to retire
- Kentucky
- Oklahoma
- Mississippi
- West Virginia
- Hawaii
What they're saying:
"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. As a result, the best states for retirees are those that have low taxes and a low cost of living to help retirees’ budgets stretch as far as possible. 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," said Chip Lupo, a WalletHub analyst.
The Source: Information from this article was provided by WalletHub.