In part two of this series, we’ll be looking at the states with the worst rankings for retirement. Determining where to live in your retirement can help you maximize your savings.
- Maryland: Even though the state has relatively favorable weather, it is difficult for individuals who live on a fixed income. High taxes averaging 10.9% and a violent crime rate that ranks 10th highest in the country are also problematic.
- Connecticut: Even though individuals living in Connecticut appear to be very happy, it is mostly an expensive place to live and the income tax and property tax rates are quite high.
- Alaska: While the great outdoors and stunning views are hallmarks of Alaska, there is a high cost of living and it has one of the highest violent crime rates in the country.
- Oklahoma: Although Oklahoma has a relatively low cost of living, the healthcare system is ranked as the worst across the country. The state was also ranked the third worst for overall happiness.
- Hawaii: The high cost of living in Hawaii is well known to many and it can be extremely difficult for individuals on a fixed income. The individual tax rate in Hawaii is 11%, which is the second highest across the country.
- Louisiana: The fifth highest violent crime rate in the country in 2015 makes Louisiana a poor choice to consider for retirement. The state also has issues with their healthcare system.
It is important to know that New Jersey does not make the list for the best or the worst states to retire. To learn more about setting up your estate planning for success in your retirement years, consult the attorneys at Shah & Associates.