Wheeling, WV (WTRF)- Some good news for West Virginians… but it might make you think twice if you have plans to move out of state when you retire.
West Virginia is the best state to live in when you’re retired. It’s actually tied with Iowa. That’s according to MoneyRates.com.
It all comes down to cost of living , and this reports finds our cost of living is about 9% below the national average.
Our healthcare costs are also low. They’re actually the third lowest in the country, according to this report.
And local financial planners aren’t all that surprised by this. They say West Virginians’ spending habits tend to be less. That goes along with cost of living also being less.
That’s a big factor that this report took into account — but local financial planner Shawn Rohrig says there are others things to consider too.
“As planners we’re suppose to look and ask clients ‘how do you see yourself in retirement?’ ‘what does that look like?’ And some of them are more of a homebody. You know, some of them are. If you want to be able to see my grandkids and be able to go on vacations if I want to. If that’s what you want to do, the state’s actually probably not a bad fix for you because it’s relatively safe. You can live a pretty decent life on a normal income.”shawn Rohrig, certified financial planner
With a better cost of living, Rohrig says you have more assets that can go elsewhere. You could buy a boat or even another property for a vacation home. He says it’s much easier to do that here than somewhere else.
Other than cost of living, the report also took other factors into account. That includes West Virginia’s economy, safety, lifestyle, and healthcare.