In compiling its list, TopRetirements.com gave the most weight to three criteria: taxes, fiscal health and climate. Each of these factors is important, generally speaking, to retirees. On the financial front, high taxes can eat away at limited incomes, while poor fiscal health can force state governments to raise revenue or cut services. A warm climate is a natural draw for many retirees. If those three criteria aren’t among your top priorities, then the low rankings might not influence your decision.
Here are the 10 worst states for retirement, with No. 1 being the lowest ranked, according to TopRetirements.com:
Worst States for Retirement
Why You Should Think Twice
|1) Illinois||Poor fiscal health|
|2) California||Expensive, and its finances are in disarray|
|3) New York||Very high taxes, including property taxes|
|4) Rhode Island||Worst-off state in the Northeast from a financial viewpoint; high taxes|
|5) New Jersey||Highest property taxes in the United States; has pension funding issues|
|6) Ohio||High unemployment and cold winters|
|7) Wisconsin||High property taxes and frigid weather|
|8) Massachusetts||High cost of living and high property taxes|
|9) Connecticut||Taxes Social Security and has high property taxes|
|10) Nevada||Foreclosure capital of the world|
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