Massachusetts: Is A Challenging State For Retirement

With miles of coastline, thousands of golf courses, and warm weather, it's no surprise that states in the south consistently rank towards the top of every "best places to retire" list. Still, Massachusetts has its challenges in terms of retirement desires.

Bankrate's most recent report (from August 2022) has Massachusetts ranked as the 32nd best state for retirement. The Bay State's results in the categories they measured were all over the map. For example, Massachusetts was ranked the best for "well-being." However, there were only three states worse in "affordability" (CA, HI, CT). That means Mass was ranked 47th. Culture and diversity produced a decent score for the state, whereas weather did not.

This past January, WalletHub analyzed a great deal of data to publish its list of the best and worst states to retire. Here, Massachusetts finished as the 17th best state for retirement. Virginia won due to their consistently high-performing scores in the three categories measured. They were; affordability, quality of life, and health care. Once again, Massachusetts was at both extremes with our scores. While Mass ranked number one for quality of life and two for health care, we were crushed in the affordability bracket. Here, again, we were ranked 47th.

WalletHub points out the impact of inflation, stating that social security benefits only account for 37% of the average worker's earnings. "If retirement is still a big question mark for you because of finances, consider relocating to a state that lets you keep more money in your pocket without requiring a drastic lifestyle change," they said.

Bankrate strongly focused on retirement culture and the influx of residents moving down south. For WalletHub, cost of living was weighed heavily in their report. It closely examined topics such as tax requirements, cost of health care, and cost of in-home services. Furthermore, they noted Massachusetts has the second-highest adjusted cost of living in the country.

Determining if Massachusetts is a good or bad state for retirement depends upon what criteria you value most. If changing of the seasons is something you love, then Massachusetts provides a completely colorful experience. Subsequently, if a low cost of living is a main criterion, it can be a challenging place to retire.

North Shore, South Shore, Cape Cod, Nantucket, Martha's Vineyard. There certainly is no shortage of shoreline in the Bay State. Two Massachusetts towns were selected as a USA Today top 10 coastal town.

10 Best is USA Today's travel coverage series highlighting attractions, destinations, and food items around the county. They look for unique charm with homegrown flavors. Furthermore, they were looking for "waterfront charm." Not only is Massachusetts the home to two of the selections, but it was also the only state in the Northeast to get the nod. According to the final rankings, these two towns are both in the top five!

Provincetown and Marblehead are each considered a Massachusetts top coastal town. The tip of Cape Cod and North Shore shipyard landmark. 10Best calls out Provincetown's spread of galleries and museums as main attractions. In addition, Marblehead Neck Wildlife Sanctuary was listed as part of Marblehead's nature-friendly environment.

Looking at the history of these two summer hot spots, it's no surprise that their quaint appeal led them to landing on the top 10 coastal town list.

Provincetown is 17.5 miles of unique beachfront and harbor-side living. Often called P-Town, the year-round living population is roughly 3,600 people, while the seasonal population can reach as much as 60,000. Commercial Street is known for its Cabaret establishments, restaurants, and art shops.

Marblehead is about three hours north of Provincetown. You can actually take a boat back and forth. On a map it looks like these two destinations are staring at each other. Marblehead is about 19 square miles with a population of over 20,000. One of the main tourist attractions here are the numerous sailing options out of Marblehead harbor. Finally, it is infamous for its commercial fishing wharfs, thus there are also six yacht clubs spread throughout the area.