MONEYSAVINGPRO used a variety of factors to determine which are the best states in which to retire.
To determine the best states for retirement the firm ranked each state in five following categories:
- Life Expectancy – Some states seem to be better for the longevity of its citizens. If you are going to retire in a state, it might as well be known for having residents that enjoy long lives.
- Tax Friendliness – Tax friendliness is based on state sales tax, real estate taxes, state income tax and inheritance tax.
- Violent Crime Rate – States with high violent crime rates aren’t ideal for anyone, least of all people who are trying to enjoy retirement.
- Health Care Costs – As you grow older you may need to really your state’s health care system. Some states have more affordable premiums than others.
- The Cost of Living Index – A state’s cost of living has a big impact on what your retirement budget looks like.
Based on its assessment, the 10 best states for retirement are Idaho, Utah, North Dakota, Hawaii, Arizona, Colorado, Kentucky, Georgia, Iowa and Kansas. Based on the same factors, it concluded the 10 worst states for retirement are West Virginia, Tennessee, South Carolina, Alaska, Nevada, New Jersey, Massachusetts, Texas, New York and Wisconsin.More information is here.