Tags: Retirement | retirement | Connecticut | costs

Retirement Cost of Living in Connecticut

By    |   Saturday, 30 May 2015 07:25 PM

If you’re preparing for retirement in Connecticut, it’s important to keep in mind that the average cost of living is quite high. While living in the state might be within your reach, planning ahead and saving as much money as possible can help ensure that you’re prepared to make the most of your long awaited golden years.

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One source, Sperling’s Best Places, measures the cost of living in each state based on the national average. According to Sperling’s, the overall cost of living in Connecticut is given a ranking of 126, meaning that living in the state will cost approximately 26 percent more than the average cost of living for all 50 states.

The numbers are further categorized into cost of living for groceries (116.9 percent), health care (116 percent), housing (138 percent), utilities (125 percent), transportation (119 percent), and miscellaneous expenses (124 percent). These figures are based on research conducted by the U.S. Census Bureau.

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In addition to the high cost of living for all state residents, there are additional costs that specifically impact those pursuing retirement in Connecticut. The state is not only one of just 14 in the nation that taxes Social Security income, but pensions are taxable by the state as well. If you’re counting on those income streams to fund your retirement, it’s important to take those taxes into account when calculating your cost of living.

While plenty of retirement cost of living calculators exist, your income and expenses are largely personalized. When you’re trying to determine how much money you need for retirement in Connecticut, take into account your monthly living expenses. These typically include housing, dining, travel, entertainment, health care, transportation, and utilities. While some of those are unpredictable, such as health care, others can be planned for.

For best results, plan to pay off big expenses – like your home and your car – before retirement. Then, think about what kind of life you want to lead in Connecticut. If your focus is on travel, budget for that; if you prefer to stay local, choose a place with plenty of cultural events close to home.

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If you're preparing for retirement in Connecticut, it's important to keep in mind that the average cost of living is quite high.
retirement, Connecticut, costs
Saturday, 30 May 2015 07:25 PM
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