NEW YORK – May 9, 2018 – In contemplating retirement, the big question tends to be when to retire? Or, perhaps, how much money do you need to retire? But where to retire can be an equally pressing matter. In fact, according to a survey by Merrill Lynch and Age Wave (a research firm focused on the aging population), 37 percent of retirees have already moved in retirement and another 27 percent intend to. Even if you’re among the rest who plan to stay put in retirement, you might find that entering a new stage of life changes the world around you, requiring a reassessment of how your home state treats your nest egg.
To help you weigh the pros and cons of each state when it comes to retirement, we ranked all 50 states based on financial factors critical to retirees, including living expenses, tax burdens, health care costs, household incomes, poverty rates and the economic wellness of the state itself.
Of course, plenty of other factors figure into this major life decision, from proximity to family to climate preferences. But we’ll leave assessing those personal considerations to you.
Whether you’re figuring out where to head next or just how you need to adjust your budget when moving into retirement, Click Here to see how every state in the union treats its retirees financially.
- Ranking: #8
- Population: 19.9 million
- Share of population 65+: 19.1 percent
- Cost of living: 1 percent above U.S. average
- Average income for 65+ households: $51,187
- Average health care costs for a retired couple: About average at $425,025
- Tax rating for retirees: Most Tax Friendly
If you’re looking to party with your peers through retirement, head to the Sunshine State.
Nearly 3.8 million seniors call Florida home, giving its population the highest share of residents age 65 and older in the country. Indeed, it’s famous for its retiree-haven status, what with its warm weather, beautiful beaches and seven-season-long “Golden Girls” endorsement.
But the main attraction for retirees to the Sunshine State must surely be the tax situation. Florida has no state income tax, estate tax or inheritance tax, and it doesn’t tax Social Security or other retirement income, either. Plus, those benefits are pretty secure: Florida scores top marks for fiscal soundness, according to a recent report from the Mercatus Center at George Mason University, in large part due to its abundance of cash versus short-term liabilities.
2018 The Kiplinger Washington Editors, Stacy Rapacon –https://www.kiplinger.com/slideshow/retirement/T006-S001-all-50-states-ranked-for-retirement-2018/index.html