Retirement can be one of the most anticipated and exciting times in a person’s life. When the time comes to start this new chapter, it is important to consider all of the factors to make the transition as easy as possible. Diligent financial planning is one of the most important things that can make a senior’s retirement successful, and it is especially helpful to know that there are some states that have better financial environments than others. Whether retirees already live in one of these states, or are looking for a new place to reside, knowing expense expectations can help seniors make the right decision about their future.
In order to help retiring seniors discover this information in a simplified manner, SeniorAdvice.com developed a list of the best and worst states in America for retirement finances. Using SeniorScore, the first comprehensive data-driven scoring system specifically designed to identify and measure the livability for seniors, the most and least accommodating states for retiring seniors have been identified. By analyzing over 100 variables, and heavily weighing financial factors such as tax rates, cost of living expenses, average income, and senior living costs, we have ranked the states based on retirement financial planning.
The best state for retirement finances also happens to have some of the most beautiful terrain in the country. Wyoming came in at the top of the list due to it’s low nursing home costs as well as low property taxes. When analyzing retirement finance data, a few Southern United States fared well as well. Assisted living costs in Alabama are very low and Louisiana boasts a low cost of living in general. For these and other reasons, Alabama and Louisiana made the top 5 best states for retirement finances list.
Surprisingly, two of the worst states for retirement finances are at opposite ends of the country. California is the number one worst state on the list for seniors who want to retire, based on its financial landscape, according to SeniorAdvice.com. Property, sales and income taxes are all very high in California, and the cost of living is much higher than the national average. Moving on to the opposite coast, Maine also made the list of the worst states in America for retirement finances. The average household income in Maine is lower, yet the cost of living is very high, making it difficult for savers to reach their retirement goals.
Read more about “The Best and Worst States for Retirement Finances.”