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The Best State to 'Retire Rich'? It Isn't Florida

The Best State to 'Retire Rich'? It Isn't Florida
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By Friday, 04 March 2016 07:09 AM Current | Bio | Archive

Surprise! The best state to retire rich isn’t Florida. It’s New Hampshire, according to a recent study by GoBankingRates.com that ranked the top 10.

“Retirees depend largely on savings for income so financial considerations should carry the most weight when deciding where to live in retirement,” said GoBankingRates’ Casey Bond. “Long-term happiness is directly related to quality of life. It’s difficult to live happily in retirement when you can’t afford quality healthcare and high taxes.”

The study ranked states according to favorable tax rates, affordable healthcare and lower living expenses.

If you want to hold onto more of your money in retirement, then you’re better off living in New Hampshire.

Here’s why:

“New Hampshire ranked highest in healthcare resources and community support, such as affordable meal programs,” said GoBankingRates’ Elyssa Kirkham. “These factors are important because as we age our health declines and healthcare costs increase.”

Although it’s sunny in Florida, Medicare payouts are 21% of what patients paid compared to 33% in New Hampshire where there is no sales tax, social security income tax, state income tax or inheritance tax.

In addition to New Hampshire, the top five states to retire rich are Delaware, Idaho, Wisconsin and Wyoming. At the bottom of the state ranking is New York.

Delaware scored second in the ranking with Medicare payouts averaging 38.4% of what patients paid.

“The idea is that you don’t want to live in a state that makes it harder for you to hold on to the wealth you’ve accumulated,” Kirkham said.

For example, healthcare-insurance premiums add up over time.

Although Idaho ranked third on the list, monthly health-insurance premiums are lower at $199 compared to Delaware where seniors pay an average of $272 for healthcare coverage.

“Idaho is largely Republican and favors low or no taxes,” said Kirkham. “The state doesn’t tax Social Security income and doesn’t have an estate or inheritance tax. Property taxes are also low. Idaho’s tax score was among the best in our study.”

Health-insurance premiums in New Hampshire are an average of $303 a month compared to $430 in New York. The state with the lowest health-insurance premium was Utah at $158 a month.

“Health, favorable taxes and safe living conditions are more important than the weather in terms of finances,” Kirkham said.

Joining New York on the list of the five worst states to retire rich are New Jersey, Illinois, Connecticut and California because retirees in these states pay the highest healthcare premiums in the nation.

Juliette Fairley is an author, lecturer and TV host based in New York. To read more of her work, Click Here Now.

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Surprise! The best state to retire rich isn't Florida. It's New Hampshire, according to a new study by GoBankingRates.com that ranked the top 10.
state, retire, florida, new hampshire
Friday, 04 March 2016 07:09 AM
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