The perfect place to retire varies from person to person, but most would like to settle in a location with a low cost of living. 

Nebraska is the best state for retirement overall, earning top rankings for both affordability and wellness, followed by Iowa and Missouri, according to a new Bankrate study. 

The affordability rankings were determined using data from the Council for Community and Economic Research, the Agency for Healthcare Research and Quality and the Tax Foundation. The overall rankings considered additional factors such as wellness, weather, culture and crime.

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Maryland finished last, landing in the bottom 20 in four out of the five categories. New York and Alaska rounded out the bottom three, held down by cost of living and weather.

Missouri and Michigan are the cheapest states in which to retire, while California and New York are the most expensive.

"There are many factors to consider when deciding where to retire," said data analyst Adrian Garcia. "It comes down to very personal preferences, so it's important to weigh all factors and determine what is most important for your happiness."

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