Denver Skyline at Sunrise. Photo Credit: twilightproductions (iStock).

Denver Skyline at sunrise. Photo Credit: twilightproductions (iStock).

A new study by Forbes Advisor named Colorado the 5th best state to save for retirement. 

The study analyzed eight categories of data that impact the ability to save for retirement to make the determination, including average household income, unemployment rates, and cost of living. 

Colorado ranked behind South Dakota, North Dakota, Washington, and New Hampshire (which came in first). 

"The path to successful retirement is the same for most, but where you live dictates how precarious your journey might be, and you need to know what you're up against," said earned media specialist for Forbes Advisor, Alyssa Hayes, in a news release.

SNAPSHOT: How did Colorado rank overall? (1- Best; 50-Worst)

Income: 11th

Tax burden:17th

Cost of living: 35th

Home value: 5th

Home value gains: 7th

Unemployment rate: 11th

Retirement savings: 21st

Employer retirement plan participation: 27th

Related: Colorado ranked 2nd-best state to retire, study says

"This isn’t a ‘best place to retire’ list. The considerations of families in their working years and those ready to hang up their spurs, are entirely different," said Taylor Tepper, Senior Retirement Analyst of Forbes Advisor. 

"For instance, retirees might not care as much about areas with high pay or fast-rising real estate markets. This list is very much geared toward people trying to figure out how to spend less than they make," said Tepper.

The Forbes Advisor study found that commonalities between their top 5 states were good job prospects, appreciating home values, and a reasonable cost of living. 

Last year, the Centennial State was named the 2nd-best state in which to retire, according to a study by Wallethub. The ranking was determined based on affordability, quality of life, and health care. Colorado was narrowly beat for 1st by Florida, which the study determined was more affordable and had a better average quality of life. 

In another related study, Wallethub called Colorado the 17th best state to have a baby, based on similar factors.

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