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|Subject: Retirement Locations||Date: 5/27/2011 2:00 PM|
|Author: TwoCybers||Number: 17156 of 19255|
Having just had a thread on where people retire & taxes, I thought I would post something I just got from Ally Bank's Straight Talk Blog.
Blog Subject: Which are the Best (or Worst) States to Retire?
But which are the best or worst states to retire? Of course, there’s no definitive answer, but two studies from Money-Rates.com and TopRetirements.com offer some food for thought. MoneyRates’ study took into account states’ economics (cost of living, unemployment and average state and local tax burden), climate, crime rate and life expectancy.
According to their research, here are the best states to retire:
New Hampshire – Cost of living is 89% of the national average and cost of living and tax burden among the lowest in the U.S. Low crime as well.
Hawaii – One of the best climates and highest life expectancy. However, a very high cost of living.
South Dakota – Cost of living is 91% of the national average. Very low crime.
North Dakota – Life expectancy is among the highest in the U.S. Very low crime.
Iowa – Good combination of a low cost of living and a healthy economy, plus high life expectancy.
On the other hand, TopRetirements.com’s study looked only at states’ tax rates and fiscal health. Here’s what they found:
West Virginia – Low property tax.
Wyoming – No state income tax.
Pennsylvania – Low state income taxes for retirees.
Texas – No income taxes for retirees.
Both websites also researched which states were the worst places to retire. Using the same criteria as its previous study, here’s what MoneyRates.com found:
Nevada – Cost of living is 105% of the national average. The average state and local tax burden is 6.6 percent.
Michigan – High unemployment, chilly climate and high crime.
Alaska – Cost of living is 128% of the national average. Harsh climate.
South Carolina – Pleasant climate, but high crime rate and poor life expectancy.
Maryland – Cost of living is 126% of the national average. High crime.
And for its list of worst states to retire, TopRetirements.com looked at states’ fiscal health, tax burden and climate. Here are the results:
Illinois – Very poor fiscal health.
California – High cost of living and fiscally troubled.
New York – Very high taxes, including property taxes.
Rhode Island – High taxes and fiscally troubled.
New Jersey – Highest property taxes in the U.S.
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