If you’ve worked hard all your life, saved enough money to retire comfortably, and have finally reached the age where it feels right to take the next step, there’s only one thing left to consider: where will you spend your retirement? The answer could be anywhere you want, but there are some destinations that are better suited than others for those who want a more affordable life and good access to healthcare in retirement.

In late July, Bankrate released its rankings of the best and worst states for retirement. The company arrived at this conclusion by analyzing “dozens of data points for every U.S. state,” including the cost of living, healthcare costs, weather, crime statistics, and the overall well-being of each state’s citizens. After looking at all the data, Delaware, which was ranked second in 2023, came out on top on the 2024 list.

“The First State is not typically considered a retirement paradise, but it has many good arguments for retirees,” the findings say. “Delaware is a tax-friendly state for retirees. There is no state or local sales tax, and no Social Security benefits are taxed. Property taxes are also lower compared to the rest of the country, averaging about $1,939 per year.”

The results also showed that Delaware ranks highly compared to the rest of the U.S. in terms of ethnic diversity as well as the high number of arts and entertainment options per 100,000 residents, giving the city a fantastic overall well-being score.

“In relation to the population, there is also a high proportion of residents who are 62 years or older,” it continues. And the weather is also quite predictable. “Earthquakes, tornadoes and hurricanes are also rare and the climate is temperate.”

The only downsides, according to Bankrate, are the weaker cost of living, lower crime rates and lower healthcare costs, but still strong enough to take the top spot. “Despite being a more expensive state to live in, Delaware scores well on all other affordability criteria we considered in the rankings: property taxes, combined state and local sales tax and homeowners insurance.”

Alongside Delaware, West Virginia ranks second on the list, followed by Georgia, South Carolina and Missouri rounding out the top five.

But before you start packing your bags, it’s important to consider your personal finances and situation, according to the experts at Bankrate. “Most of us think we actually know (spending behavior) just by looking at what’s happening in our bank account,” David John, retirement expert and senior policy adviser at AARP, added of the findings. “But the reality is that in many cases we’re buying things that we don’t necessarily really need.”

To help you out, Bankrate has released its retirement calculator, which you can use at bankrate.com, where you can also see how each state fares in the 2024 retirement report.