Retirement planning is never easy but always necessary.

With the pandemic’s upending of some retirement planning and savings, thinking about where to retire is top of mind.

Choosing where to live is a big decision and may not always be as easy as heading to the suburbs. Sometimes, a big change is the answer. If you’re thinking about making an out-of-state move, here are some states to consider, and the ones to avoid, when selecting your future retirement home.

Retirement Living compiled a well-researched list of the best and worst states for retirement living. It did so by weighing the combination of cost of living, quality of health care, tax rates, weather, and recreation opportunities. Using data and direct feedback from residents, the findings show the best and worst states for retirement based on affordability, quality of life, health care, and overall retirement rating.

When everything is parsed and calculated, the top five states to retire feature: Florida, Texas, West Virginia, Nevada, and New Hampshire. Keep in mind that Florida has a 0% state tax rate, a large retiree population, modest home prices, and incredible beachfront views.

The five states with low ratings are Illinois, Rhode Island, Vermont, New Mexico, and North Dakota.

Given its small size, Rhode Island can come with big expenses despite its relatively moderate home costs. On the other hand, facilities with housing services and other accommodations are pricy in this state. And while nearly 18% of the population is 65+ and the state features pristine coastal land and fresh seafood, there isn’t quite enough to keep some retirees fully satisfied.

You can review a summary and other helpful insight into costs by state in the findings here. As you begin the next phase of your life and you search for opportunities to reset or redirect your retirement plans, you have other options. You do not need to compromise.

As a homeowner, you can gain financial flexibility through a home equity conversion mortgage. If you are over age 62, you qualify to transform one of your most powerful financial assets into a resource for the future.

A conversion mortgage eliminates monthly mortgage payments, allowing you to boost your retirement income without having to move or sell, which could be a huge leg up if you already enjoy a low-cost of living.

To learn more about how you can navigate today’s financial realities as you plan and organize life as a retiree, please contact us to learn more about how a home equity conversion loan can work for you.

*(1) at the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds; (2) charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees; (3) the loan balance grows over time and interest is charged on the outstanding balance; (4) the borrower remains responsible for property taxes, hazard insurance, and home maintenance, and failure to pay these amounts may result in the loss of the home; and (5) interest on a reverse mortgage is not tax-deductible until the borrower makes partial or full repayment. This material is not from HUD or FHA and has not been approved by HUD or any government agency.