If you are thinking of retiring, or already out of the workforce and looking to move, look no further than Colorado, a recent WalletHub study found.

Deciding where to live is a life-shaping question during any stage of life, but during retirement it can be critical in dictating a persons health, mobility and finances during a stage when many are entering their late 60s or older.

WalletHub’s study ranked a variety of factors, including health care, life expectancy, cost of living, crime rates, weather, and more to determine which states offered the best support for those entering retirement.

Coming in second to Florida, Colorado was rated the 13th most affordable, 16th highest quality of life and fifth best for health care.

Beyond those factors, though, are other consideration, such as being near family, experts say.

“If retirees have to move to another state, they should move to the state where the children and grandchildren live,” Kathleen Sindell, a finance and economics professor at University of Maryland told WalletHub. “As retirees age in place or are placed in assisted care facilities, having family nearby is important to the overall well-being of the elderly retiree.”

Finances are another key piece .

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“Retirees may find that their savings can go further in different locations or they may be able to have a larger home or apartment in some areas,” Christopher Tamm an associate professor of finance at Illinois State University told WalletHub.

“Sates with lower costs of living and taxes allow retirees to keep more of their money and require lower amounts of savings to live there.”

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