DATA SOURCE: WALLETHUB.

Notice that while some states, like Florida and South Dakota, align pretty well in terms of overall rank and affordability, other states sport a pretty notable gap. For example, New Hampshire ranks seventh overall yet falls into the bottom half of all states as far as cost of living goes.

Now if money is a huge sticking point (and frankly, it should be), then you'll need to pay close attention to affordability when making your decision. Remember, as a general rule, you can typically withdraw around 4% of your savings per year without running the risk of depleting your nest egg prematurely. If you're planning to retire soon, take a look at your balance and see what that 4%, plus Social Security and other sources of income you'll have access to, will provide. From there, you can research your options countrywide and see what sort of lifestyle your income will buy you.

That said, if you've saved nicely and have some breathing room, you should feel free to focus on other factors that will make for a more pleasant retirement on a whole. Take climate, for instance. You might think you're used to cold winters or scorching summers, but as you age, your tolerance for temperature extremes might start to wane. Similarly, think about how you're planning to get around town, keeping in mind that as you get older, the idea of driving may not hold much appeal. If you move someplace with solid public transportation and infrastructure, you might fare better than if you were to relocate to a more remote corner of the country.