10 Worst States for Retirement
10 Worst States for Retirement, Each state name has a link that goes to a more detailed retirement
guide for that state. This list and its rankings are somewhat arbitrary,
but we stand by the opinion that these states have many reasons why
they should be considered for any worst places to retire list.
Lastly, please remember that our list might be totally irrelevant to many people. Folks for whom money or taxes are not important will find our worst 10 list of little value, because they have other considerations that are far more important. For example, those who want to retire near their family members have such an
important driver that the “worst” state on this list could be their “best”.
1. Illinois (PR). IL’s fiscal health could be the worst of any state, which is what tipped the scales. It has even borrowed money to fund its pension obligations. To be fair, however, we need to mention that IL does not tax pension or social security income, a definite plus for the state’s retirees.
2. California (PR). The Golden State is expensive and its finances are in serious disarray. Has paid bills with vouchers in the past. Does have a warm climate, which helped keep it out of 1st place. And to illustrate that fiscal health and taxes are by no means the only things to rank a state on, California is the 5th most popular retirement state on this site (based on number of page views of our California retirement guide).
3. New York. Very high taxes, including property taxes. Second highest tax burden and 5th highest per-capita property taxes. Dysfunctional state legislature. Very expensive to live in this climate with cold winters. Most pensions are exempt, however.
4. Rhode Island (PR). Probably the worst off state in the Northeast from a financial viewpoint. High taxes. Does have some great places to live.
5. New Jersey(PR). The highest property taxes in the U.S. as well as the highest tax burden (as reported by the Tax Foundation) Has serious pension funding issues.
6. Ohio. High taxes (7th highest tax burden) and unemployment. Cold winters.
7. Wisconsin (PR). A high tax state (9th highest tax burden) with cold weather. High property taxes. But it does not tax military pensions.
8. Massachusetts. High taxes including high property taxes. Very high cost of living.
9. Connecticut. CT has the 3rd highest tax burden of any state, taxes social security, and has very high property taxes. It has some terrific places to live, but the cost of living is very high.
10. Nevada (PR). The foreclosure capital of the world. State is having financial problems. But it does not have an income tax (yet).
(PR) = This state mentioned as a problem in the Pew Report: “States in Fiscal Trouble”
Lastly, please remember that our list might be totally irrelevant to many people. Folks for whom money or taxes are not important will find our worst 10 list of little value, because they have other considerations that are far more important. For example, those who want to retire near their family members have such an
important driver that the “worst” state on this list could be their “best”.
1. Illinois (PR). IL’s fiscal health could be the worst of any state, which is what tipped the scales. It has even borrowed money to fund its pension obligations. To be fair, however, we need to mention that IL does not tax pension or social security income, a definite plus for the state’s retirees.
2. California (PR). The Golden State is expensive and its finances are in serious disarray. Has paid bills with vouchers in the past. Does have a warm climate, which helped keep it out of 1st place. And to illustrate that fiscal health and taxes are by no means the only things to rank a state on, California is the 5th most popular retirement state on this site (based on number of page views of our California retirement guide).
3. New York. Very high taxes, including property taxes. Second highest tax burden and 5th highest per-capita property taxes. Dysfunctional state legislature. Very expensive to live in this climate with cold winters. Most pensions are exempt, however.
4. Rhode Island (PR). Probably the worst off state in the Northeast from a financial viewpoint. High taxes. Does have some great places to live.
5. New Jersey(PR). The highest property taxes in the U.S. as well as the highest tax burden (as reported by the Tax Foundation) Has serious pension funding issues.
6. Ohio. High taxes (7th highest tax burden) and unemployment. Cold winters.
7. Wisconsin (PR). A high tax state (9th highest tax burden) with cold weather. High property taxes. But it does not tax military pensions.
8. Massachusetts. High taxes including high property taxes. Very high cost of living.
9. Connecticut. CT has the 3rd highest tax burden of any state, taxes social security, and has very high property taxes. It has some terrific places to live, but the cost of living is very high.
10. Nevada (PR). The foreclosure capital of the world. State is having financial problems. But it does not have an income tax (yet).
(PR) = This state mentioned as a problem in the Pew Report: “States in Fiscal Trouble”
posted by Unknown @ 09:30
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