Retirement costs soar amid rising prices, inflation concerns
The Social Security Administration is considering raising retirement payments next year to offset rising inflation. FOX Business’ Lydia Hu with more.
Move over Florida, there's a new top retirement spot.
On Wednesday, Bankrate published a report that found the best states to retire in this year, with Georgia taking the top spot and Florida pushed down to second place.
Tennessee came in third, with Missouri and Massachusetts coming in fourth and fifth place respectively.
Meanwhile, Maryland was found to be the worst state for retirement because of high costs and "mediocre scores on culture and weather," Bankrate said in its report.
THE BEST, WORST US STATES TO LIVE IN THIS YEAR: REPORT
For its report, Bankrate analyzed all 50 U.S. states based on five categories: affordability, wellness, culture, weather and crime.