Florida rocks as a retirement magnet.
image via Wallethub

Location selection for one's retired life can be tricky, with plenty of factors like weather, costs, and local culture and economics figuring into consideration. To most retirees, retirement means fixed income and a budget, compared with hefty paychecks they'd been accustomed to. For others, who hope to start a business or re-enter the workforce, the local economy comes as an essential factor to consider. Wallethub staffer Richie Bernardo drills down to the retirement data essentials, and spins up a list of top locations for retirement in 2016.

To figure out the most retirement-friendly states, Bernardo and his team compare all states and the District of Columbia, based on three dimensions: affordability, quality of life, and health care. In specific, the team weighs in factors such as tax payment, percentage of population aged 65 and over, elderly-friendly level of labor markets, air quality, and number of health-care facilities per capita.

The top 10 retirement-friendly states are: Florida, Wyoming, South Dakota, South Carolina, Colorado, Idaho, Texas, Montana, Nevada, and Virginia. Check out why here.

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