As retirement planning becomes more complex, a new study by SellMyTimeshareNow highlights the best and worst states for retirees, offering insights into factors like salaries, housing costs, taxes, and healthcare expenses. The report identifies Alaska, New York, and Colorado as top destinations for a comfortable retirement, while Mississippi, Alabama, and Idaho are flagged as challenging states for seniors.
Top states for retirees: High incomes and better amenities
Alaska tops the list with an average salary of $66,130, no state income tax, and relatively low property taxes. However, the state’s remoteness and harsh winters can pose challenges.
New York, ranked second, boasts the nation’s highest average salary at $74,870, offering retirees the potential for substantial savings. Despite high living costs, retirees benefit from a low crime rate of 1,747.1 incidents per 100,000 people, adding to its appeal.
Colorado, Washington, and Oregon round out the top five. These states combine higher-than-average salaries with attractive amenities such as natural beauty, low crime rates, and manageable healthcare costs, although housing prices remain a concern.
States retirees may want to avoid
Mississippi ranks as the most difficult state for retirees, with the lowest average salary in the nation at $45,180, compounded by high crime rates and medical costs that strain fixed incomes.
Alabama and Idaho follow closely, with below-average incomes and rising housing costs making retirement planning a challenge. In Idaho, home prices have skyrocketed by over 500%, significantly increasing the financial burden on retirees.
Arkansas and Iowa complete the bottom five, with high crime rates and rising property costs further complicating retirement for residents.
An expert from SellMyTimeshareNow emphasized the importance of holistic retirement planning. “Retirement involves more than just savings. Factors like cost of living, healthcare, and crime rates play significant roles in determining where retirees can thrive.”
The study underscores the growing complexity of retirement planning, especially with ongoing concerns about the stability of Social Security. Retirees are advised to weigh both economic and personal factors carefully when choosing a state to settle in.
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