Want to retire in the Philly area? Study reveals if that's a good idea

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(AUSTRALIA OUT) Generic photo of a retired couple sitting on a bench on a pier bathed in sunlight, 3 July 1999. AFR Picture by GREG NEWINGTON (Photo by Fairfax Media via Getty Images via Getty Images)

PHILADELPHIA - Retirement looks different for everyone. Some people picture life on the beach, while others hope to spend quality time at home with their loved ones.

What if you decided to retire in the Philadelphia area? A new study shows just how far your money will go.

What we know:

Pennsylvania was ranked No. 8 in a list of the "Best and Worst States to Retire in 2026," while New Jersey grabbed the 35th spot and Delaware came in 7th.

State rankings were determined based on financial factors, like tax rates and the cost of living, as well as lifestyle factors, such as access to quality medical care and fun activities.

Here's how Pennsylvania, New Jersey and Delaware compare:

Pennsylvania

• 8th overall
• 26th in affordability
• 5th in quality of life
• 13th in health care

New Jersey

• 35th overall
• 45th in affordability
• 30th in quality of life
• 9th in health care

Delaware

• 7th overall
• 3rd in affordability
• 36th in quality of life
• 15th in health care

Best and worst retirement states

Big picture view:

Wyoming was named the best state for retirement mostly thanks to its affordability, while Kentucky landed at the bottom of the list for retirees.

Top 5 states to retire

1. Wyoming
2. Florida
3. South Dakota
4. Colorado
5. Minnesota

5 worst states to retire

1. Kentucky
2. Oklahoma
3. Mississippi
4. West Virginia
5. Hawaii

What they're saying:

"Retirement is supposed to be relaxing, but it can also be incredibly stressful given that it typically puts people on a fixed income, which may not be enough for them to live comfortably. As a result, the best states for retirees are those that have low taxes and a low cost of living to help retirees’ budgets stretch as far as possible. Having access to excellent medical care and homemaking services is also crucial, especially for people who don’t plan to retire in close proximity to their families," said Chip Lupo, a WalletHub analyst.