Tags: Retirement | retirement | worst states

6 Worst States for Retirement

By    |   Saturday, 13 June 2015 12:43 AM

Retirement analysts and travel experts have directed those looking for an affordable retirement to the west, where nature and a low cost of living offer plenty of benefits. They also point out states to steer clear of in retirement.

While the freedom of wide-open spaces is enticing for many, there are places like California, Alaska and even New Mexico where looks are deceiving and where limited retiree finances could take a wallop.

Here are six states some say retirees should steer away from.

Free Retirement Calculator: When Can You Retire? — Click Here to Find Out

1. Arkansas
Arkansas tops Bankrate's list of worst places to retire. Taxes there are high with poor weather quality as well as a low quality of health care, all reasons that could give some seniors pause, Bankrate said. It also cited a high crime rate.

2. New York
Taxes top the reasons for New York receiving Bankrate's No. 2 worst state ranking for retirement. According to the New York Daily News, 60 percent of New York retirees said the cost of housing was a detriment, while 35 percent noted it was hard to find affordable food. Many seniors were planning to move from New York City upon retirement because of its fast pace and inhospitable environment.

3. Alaska
While Alaska might seem a dream for those who love wildlife and wilderness, its high cost of living make it a troubling spot for retirees, Bankrate noted. One bonus is the state's low taxes.

How Soon Can You Retire? Free Test Shows You When — Click Here

4. District of Columbia
It's expensive for anyone to live in Washington, D.C., let alone retirees. While the history and tourism can be fun for grandchildren, the District has the second most expensive cost of living behind New York, Kiplinger noted, adding that median home value there hits $424,000. It has one of the highest tax rates in the country, although Social Security benefits remain tax-exempt.

5. California
It's a massive state with geographic contrast — beaches, desert, mountains and unparalleled coastline. But with expensive housing and the highest income tax rate in the nation at 13.3 perfect, Kiplinger calls retiring there "foolish."

6. New Mexico
Taxes are cited as a deterrent from retiring in New Mexico, Kiplinger reported. While the weather is sunny and dry much of the time, both the crime rate and poverty were high there with poverty hitting 12.1 percent, a figure outpacing the national poverty rate of 9.4 percent, Kiplinger added.

An Extremely Simple Way to Determine If You're Ready to Retire — Find Out Now

Related Stories:

© 2020 Newsmax. All rights reserved.


   
1Like our page
2Share
Money-Wire
Retirement analysts and travel experts have directed those looking for an affordable retirement to the west, where nature and a low cost of living offer plenty of benefits. They also point out states to steer clear of in retirement.
retirement, worst states
458
2015-43-13
Saturday, 13 June 2015 12:43 AM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved