It is NEVER too soon to think about your future financial security. What IS the WORST state to retire in? What is the BEST? Is Massachusetts the most expensive?
When you’re young, retirement seems like a million years away. Then it all changes. You get married, have one or two kids, and buy a house. Now you wonder, how will we pay for college? Then it hits you, you never really started to think about your future financial security with a plan for retirement. You say “I’ll get to it.” But because life gets in the way, you never really do, get to it. Or like many, you’re in your thirties and you’re NOT married or have started a family. Should you buy that house, or stay mobile?
Retirement Stats
Our friends at Wallethub is sharing their in-depth report finding the BEST and WORST states to retire to. With inflation hitting an all time high, and credit card way up, it makes sense that people are worried about their financial security.
According to the report Americans worry about retirement. More than 3 in 10 people feel anxious when thinking about retirement. Add to that, too many people lack a plan. More than 1 in 3 Americans don’t have a retirement plan. Nearly half the nation lacks confidence. 46% of Americans are not confident they will have enough money to retire. Many people may never retire. 39% of people say they expect to work until they die. Debt takes precedence. More than 3 in 5 Americans think paying off debt is more important than making retirement contributions. Many people are obsessed with retirement. 31% of people think about retirement all the time.
Below we’ll look at the top three BEST states, and the WORST state to retire in, and where Massachusetts ranks.
1-BEST STATE-Florida
PHOENIX, ARIZONA – NOVEMBER 01: Former MLB player David Ortiz looks on before Game(Photo by Christian Petersen/Getty Images)
No surprise here. Florida is still the BIG PAPI for retirement. According to Wallethub:
Florida isn’t known as a retirement paradise for nothing – it ranks as the best state to retire due to its relatively low taxes for retired people, including no estate, inheritance or income taxes. The cost of adult day health care (health services for seniors who don’t need around-the-clock care) and homemaker services are also lower than in most other states.
2-BEST STATE-Colorado
(Photo by Luciano Viti/Getty Images)
John Denver’s Rocky Mountains are perfect for retiree’s that don’t like the heat of Florida.
Walletbub reports:
Colorado offers similarly taxpayer-friendly conditions, with no estate or inheritance taxes.
Wallethub says:
Colorado is a great state for retirees’ physical and mental health. It has one of the lowest rates of social isolation for seniors, and very few residents above age 65 are in poverty. Colorado also boasts some of the best geriatrics hospitals in the country, and ranks extremely high when it comes to the share of seniors who are in good health and who are physically active.
3-BEST STATE-Virginia
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Virginia is the third-best state for retirement, in part because it has some of the best elder-abuse protections in the country. This makes seniors physically safer and less vulnerable to being taken advantage of financially. The state has high-quality geriatrics hospitals and a lot of doctors and dentists to choose from, too.
WORST STATE To Retire-KENTUCKY
Image By Jaybeau
Sadly, the state that gave us honest Abe, does NOT check off many boxes. It scores poorly in healthcare and quality of life according to the report. Abe wouldn’t stand for it. Come on Kentucky, Abe is watching.
Massachusetts RANK: 16
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While Massachusetts residents would like to see a higher rank and better weather, we rank NUMBER TWO in healthcare, and THREE in quality of life. What pulls us down to number 16 is affordability.
