When it comes to holding onto your money after retirement, a national study suggests Vermont would be one of the worst places to live. Americans who want to hold onto their wealth should consider moving to New Hampshire and avoid settling down in New York, according to a new GOBankingRates study. With nearly a third of Americans reported to have no retirement savings, GOBankingRates identified the best and worst states to preserve wealth as a retiree, based on several regional factors that impact older Americans' finances most: taxes, living expenses and health care.
"Retirees depend largely on savings for income, so financial considerations should carry the most weight when deciding where to live in retirement," said GOBankingRates Editor-in-Chief Casey Bond. "Long-term happiness is directly related to quality of life; it's difficult to live happily in retirement when you can't afford quality healthcare and high taxes."
GOBankingRates investigated all 50 states and surveyed the regional factors affecting retirees' ability to maintain wealth, including state inheritance, property, sales, estate, and Social Security income taxes; home values and listing prices; local deposit rates; the cost-of-living index; and average individual insurance premiums, Medicare payments, and the health of seniors who take advantage of regional health care.
10 Best States to Retire Rich
10 Worst States to Retire Rich
The Granite State: Even though the state has a high cost of living, New Hampshire ranks as the best place to retire on GOBankingRates' list, boasting no sales, estate, inheritance or Social Security income taxes.
Costly health care: New Jersey, Massachusetts and New York suffer the highest health care premiums in the nation, leading to all three states ranking among the worst states for retirees.
Affordable living: Arkansas ranked well for cost of living, has one of the lowest average home listing prices, and has no Social Security, estate or inheritance taxes. Its average health care premiums are just $26 higher than the lowest in the country, which are in Utah.
These rankings are the result of original research and analysis by GOBankingRates of costs affecting retirees. This cost analysis was based on three types of factors affecting retirees: state taxes, living expenses and financial costs, and healthcare costs. These three factors (determined by 12 data points) were weighted equally to rank the states according to favorable financial conditions for seniors and retirees. For the complete methodology, visit GOBankingRates.com.
For the full ranking and analysis of the best and worst states to retire rich, visit: http://www.gobankingrates.com/personal-finance/best-worst-states-retire-rich/
GOBankingRates.com is a leading portal for personal finance and consumer banking information, offering visitors the latest on everything from finding a good interest rate to strategies on saving money, investing for retirement and getting a loan. Its editors are regularly featured on top-tier media outlets, including US News & World Report, Forbes, Business Insider, Daily Finance, Huffington Post and more. It specializes in connecting consumers with the best financial institutions and banking products nationwide.
Source: LOS ANGELES, June 24, 2015 /PRNewswire/ -- GOBankingRates.com. Most older Americans fall short on retirement savings, Tom Anderson, CNBC June 3, 2015.