Colorado ranks as the second-best state in which to retire in a ranking that takes into account affordability, health-related factors and quality of life.

WalletHub, a personal finance website, calculated its 2024 ranking of best and worst state to retire based on 46 metrics.

“Being retired brings freedom, but it also naturally is a time of financial constraint, with many seniors living on a fixed income,” said Cassandra Happe, a WalletHub analyst.

“To make the most of your retirement savings, you should retire in a state where the cost of living and tax rates are friendly to retirees if you have the resources to. You should also consider factors like the quality of the state’s health care system and the abundance of activities that you enjoy,” Happe said.

Colorado ranked second overall in the 2024 comparison. The state ranked third for health care, 14th for affordability and 27th for quality of life.

Among other metrics, Colorado came in sixth for adult volunteer activities, eighth for life expectancy, ninth in a taxpayer ranking and 17th for both an elderly friendly labor market and air quality.

Colorado imposes no estate or inheritance taxes. The state offers one of the lowest rates of social isolation for seniors, and few residents above age 65 live in poverty. Colorado also ranks high for the share of seniors who are in good health and physically active.

Florida ranked first overall on the strength of its top ranking for quality of life and fourth-place finish for affordability. Florida fared less well at 29th for health care.

“Florida is the best state for retirees in part due to its lack of estate or inheritance taxes and its low cost for adult day health care and homemaker services,” Happe said. “Florida provides a great natural environment for retirees, with the second most shoreline miles of any state, and it ranks among the top states for adult volunteer activities, golf courses, country clubs and theater companies.”

Virgina ranked third, followed by Delaware and Wyoming. Idaho, New Hampshire, Minnesota, Montana and Pennsylvania rounded out the top 10.

Kentucky ranked as the worst state in which to retire, followed by New Jersey, Mississippi, Rhode Island and Oklahoma.