Dismal Destinations for Retirement in America
In the pursuit of a comfortable retirement, choosing the right state can make all the difference. Here's a rundown of some key factors to consider, based on current data.
New Jersey, known for its bustling cityscape, ranks among the worst for traffic and congestion. The high cost of living, with housing, healthcare, and taxes typically more expensive (19.8% higher than the US average), also contributes to its challenging retirement landscape. New Jersey taxes most types of retirement income, with the exception of Social Security benefits.
On the other hand, West Virginia offers a unique proposition for retirees. While it ranks poorly for elderly health care, combining outcomes, cost, and ease of access to healthcare facilities, it does not tax Social Security benefits or have an estate tax. However, it does tax withdrawals from 401(k) and IRA accounts and pensions, with some exclusions.
Rhode Island, with its lower sales tax, might seem appealing at first glance. However, its high cost of living (13% higher than the U.S. average), particularly in housing, with an average home cost of $490,597, makes it a challenging choice. Despite its high-rated healthcare, Rhode Island has fewer hospitals and health care facilities compared to larger states.
Hawaii, with its beautiful beaches, scenic landscapes, and activities for retirees, is another popular choice. However, living in Hawaii can be very expensive. Gas, groceries, housing, property taxes, and utilities are all very high, making it difficult if you're on a fixed income. Additionally, limited public transportation options and high gas prices are factors to consider.
It's worth noting that Hawaii does not tax Social Security, but 401(k) and IRA distributions are taxed.
When considering where to retire, it's essential to consider various factors such as access to healthcare, climate, taxes, and how you plan to spend your well-earned free time. It's likely there is no one perfect place to retire that matches all of your needs.
In conclusion, each state has its pros and cons, and it's crucial to research and understand these factors before making a decision. Some states, like Kentucky (No. 1 among the ten worst states to retire) and those including Kansas, Georgia, Oklahoma, Illinois, New York, Maryland, Alabama, Tennessee, Oregon, and Indiana (among the next 10 worst), may require extra consideration.
Remember, the best place to retire is one that suits your lifestyle and financial needs. Take your time to explore, compare, and make an informed decision. After all, this is your golden years, and you deserve to enjoy them in the best possible way.
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