Tags: Bankrate | Wyoming | state | retirement

Bankrate Survey: Wyoming Best State for Retirement, Arkansas Worst

By    |   Thursday, 26 March 2015 07:40 AM

Trying to figure out where you should live in retirement?

You might want to check out a new study from Bankrate that ranks all 50 states on that issue. The survey was based on cost of living, crime rate, community well-being, healthcare quality, tax rates and weather.

Wyoming tops the list, followed by Colorado, Utah, Idaho and Virginia. Arkansas ranks worst, preceded by New York, Alaska, West Virginia and Louisiana.

As for Wyoming, "retirees looking for out-of-this-world mountain views will find their happy place" there, writes Bankrate's Corie Hengst. "The state is home to famous national parks like Yellowstone."

It also has a low cost of living and a low crime rate. Entertainment and car maintenance are inexpensive.

Then there's the worst. "At first glance, Arkansas may seem like a good retirement option," writes Bankrate's Betsy Vereckey.

"Its residents enjoy a relatively low cost of living, and there's ample opportunity for outdoor recreation. Unfortunately, Arkansas received below-average marks for everything else, including weather, crime, healthcare, taxes and happiness."

Meanwhile, with studies showing that many of us are far from where we should be in retirement savings, USA Today retirement columnist Rodney Brooks offers several tips for us to rectify the situation.
  • Set up a plan and budget. "Planning is the first thing," Nancy Coutu, a financial planner with Money Managers Financial Group, told Brooks. "I tell them in order to see if you've saved enough, we have to first see how much you spend." Obviously the plan should include steps to increase your savings.
  • Dump your grown children from your payroll. The dicey jobs market has many parents providing financial support for their grown children. "Stop putting the needs of kids ahead of their own needs," Paul Saganey, president of Integrated Financial Partners, told Brooks.
  • Don't take huge investment risks to make up for your deficient savings. "The myth is if you have waited too long, you have to take bigger risks to catch up," Rick Foster, president of Guardian Financial Management, told Brooks. The more risk you take, the bigger the chance that you will lose.

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Trying to figure out where you should live in retirement?
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Thursday, 26 March 2015 07:40 AM
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