The best state to retire in 2024 is not Florida or California.

One of the smallest states in the U.S. is also the best place to retire in 2024.

Delaware is the top state to retire in 2024, according to Bankrate's ranking of the best states to retire in. It was second on the list last year, behind Iowa.

The Tax Foundation, the Council for Community and Economic Research, the U.S. Census Bureau, and the National Oceanic and Atmospheric Administration were among the sources analyzed by Bankrate to compile the ranking.

Bankrate evaluated all 50 states across five weighted categories:

• The state and local sales tax rates and the cost of living are taken into account when determining affordability (40%).
• The overall well-being of a community is evaluated based on various factors, including the number of arts and entertainment centers and the percentage of adults aged 62 and above.
• The cost and quality of health care (20%) are influenced by the number of healthcare facilities and the expense of healthcare services.
• The average annual temperature, tornado strikes, earthquakes, and hurricane landfalls are assessed by Weather (10%).
• The percentage of crime (5%) encompasses elements like the count of violent offenses and thefts.

According to Bankrate, here are the top 10 states to retire in 2024.

Last year, Iowa was ranked first as the state to retire in, but this year it has fallen to ninth place, primarily because of the increasing cost of living in the state. Florida, which is frequently viewed as a popular retirement destination, came in eighth on Bankrate's list for the second consecutive year.

Delaware offers several tax benefits to retirees, including not taxing Social Security benefits, having no inheritance or estate tax, and being one of the few states without local or state sales taxes.

Retirees on a fixed income may want to consider living in Delaware, which ranked 20th for affordability.

RentCafe reports that the cost of living in Delaware varies by city, with Wilmington being 4% higher than the national average and Dover being 2% lower.

While affordability is an important factor to consider when choosing a retirement location, it is crucial to also consider personal factors such as desired activities, preferred climate, and proximity to family.

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