The 10 Worst States for Retirees

[Rage for Order]

http://finance.yahoo.com/focus-retirement/article/111588/the-10-worst-states-for-retirees?mod=fidelity-readytoretire&cat=fidelity_2010_getting_ready_to_retire

Per the article, the 10 worst states are:

1. Illinois
2. California
3. New York
4. Rhode Island
5. New Jersey
6. Ohio
7. Wisconsin
8. Massachusetts
9. Connecticut
10. Nevada

The list, with Illinois leading the pack, comes from website TopRetirements.com. According to John Brady, president of TopRetirements.com, the 10 states earn this dubious distinction largely because of three factors: fiscal health, taxation, climate.

As for fiscal health, six of the 10 worst states for retirees on TopRetirements.com's list were among those just identified by a Pew Center for States report as being in "fiscal peril."

The report, "Beyond California: States in Fiscal Peril," showed that "some of the same pressures that have pushed California toward economic disaster are wreaking havoc in a number of other states, with potentially damaging consequences for the entire country."

Of note, TopRetirements.com's Brady suggested that retirees and would-be retirees might want to avoid states in fiscal peril because these locales might be expected to face decreasing services and increasing taxation.


More at the link

[bluerum]

1. Oh good. Hawaii is not on the list.

[dkf]

7. No Hawaii state tax on employer pensions.

High amount of unions too

[virgogal]

15. Hawaii? No thanks,too isolated.

[ProgressiveProfessor]

16. It should be...

[dkf]

2. The states in the worst shape are blue states.

That can't be good.

[Mz Pip]

13. Probably because

we're paying all that Red State Welfare.

[stray cat]

3. The south comes out ahead for retirees and the east coast not so much

Too expensive!

[Commie Pinko Dirtbag]

26. Yeah, the best places do tend to be more expensive. Hardly news, that. -nt

[Lucinda]

4. I'm a little surprised that Florida isn't on the list

I've been hearing a lot of horror stories from family who live in the state...lots of businesses closed and high prices...

[MadBadger]

5. The climate probably earns Florida a lot of points

[Rage for Order]

6. That, and no state income tax

And lots of dirt-cheap housing ever since the bottom fell out of the real estate market. Florida was hit especially hard, as it was severely over-built.

[sammytko]

24. No property tax for 100% disabled vets

TX passed this 2years ago. It's great. Hubby is 100% VA disabled.

[Gaedel]

18. Yes

but for a retiree, there is no income tax and the state is not in too bad a financial shape. "Over 55" condos have rock bottom prices.

[tularetom]

8. Yes, people should retire in places like Arizona

Where they can get refused for needed operations or transplants because they don't have the financial means or adequate insurance to pay for it.

I call bullshit on that list.

[Hello_Kitty]

9. Yeah, it looks like RW think tank horseshit to me. eom

[Rage for Order]

12. That's actually addressed in the article...

"Does any of this mean you shouldn't retire to these poorly ranked states? According to Brady, the answer is no. "Every individual has to consider his or her own criteria for selecting a list of the worst or best states to retire," he said. "The best way to start your individual list of best or worst states is to rank, or at least think about, your most important criteria."

In his study, Brady focused mostly on fiscal health, taxation and climate. But according to Brady, the full list of factors to consider when searching for a state in which to retire includes: taxes; climate and topography; crime; fiscal health of the state; recreation; transportation; health care; cost of living, including housing; education, including college; cultural resources; susceptibility to natural disasters; proximity to friends and family; and fitting in socially, politically and religiously.

And of those, taxes might be the most important. Retirees are affected in different ways by taxes, he said. For instance, the taxation of pensions and Social Security might be better or worse in different states. Ditto, sales taxes.

Property taxes can vary widely, as well. For instance, Brady said, property tax can be one of the biggest bills for retirees and it's a category of taxation that's not progressive. You might not have any income, but you will still get taxed on the full value of your house, he said. Of note, some states do have programs to help seniors control their property taxes. Inheritance and estate taxes are also to be considered, though he said such taxes might be viewed as the tax tail wagging the state-of-residence dog.

Choosing the best state in which to retire depends on many individual factors, and in truth, said Brady, "For any two people, the 10-worst-states-for-retirees list might be a good list for one person, but not for (the other)."

[lonestarnot]

20. And likely be sentenced to prison or worse the AZ nursing home.

[frazzled]

10. These lists are usually not worth the paper they're printed on

Well, they're not printed on paper, but you know.

The best cities for this or that, the best schools for thus and such. They're always based on a rigid set of criteria that don't match up to anything in the real world.

If it were me, I'd rather be a retiree in parts of New York, Illinois, or California: at least there is some culture there, which is really sustaining. I'd rather have access to museums, theater, and music in my old age than some abstract set of financial indices. Also, many of these states have property tax exemptions and freezes for senior citizens, which allow them to stay in their homes even as their value has increased.

Weather would be nice to avoid.

[BlueJazz]

17. I agree: " I'd rather have access to museums, theater, and music in my old age than some...

.. abstract set of financial indices"

Here in Florida, the closest thing to "Art" is two Dogs fuckin' on the side of the road.

[timtom]

28. Totally agree!

It's a herculean task to get anything similar to a heightened conversation here in South Florida. That's the main reason I left here in the mid-1970's (only to be called back...alas).

[LarryNM]

11. Texas Should be on That List

Very regressive tax structure; onerous property taxes, no income tax and cutting what safety net it has. Texas has a low rate of Permanent retirees.

[virgogal]

14. I'm a very happy MA retiree.

[SheilaT]

19. What several others have said.

I always find best and worst lists to be not very useful.

What matters is what matters to the individual. Whether its schools or culture or climate or good public transportation or others of a similar outlook. I have always found the emphasis on getting away from cold weather to be a little strange. Personally, I like different seasons. I don't think paying taxes to have good schools or good services is such a bad thing.

[DailyGrind51]

21. I know Illinois sucks, I've lived here my whole life!

[TreasonousBastard]

22. My problem with New York, at least this part of it, has nothing to do with any of that crap...

Housing, including utilities, is just too damn expensive.

Can't buy a house out here for less than $300,000 for a tiny little shitbox and rents start at around a grand a month if you want your own bathroom. And this is not the most expensive area at all.

If you already own a place, then yes, your property tax bill will kill you.

[taught_me_patience]

23. California sucks to hell

please don't retire here. We don't want crotchety old conservatives retiring here.

[HockeyMom]

25. Florida tops my worst retire list

It sucks to be 22 and live here. It STILL sucks to be 62 and live here. Nothing but OLD people, and not even nice ones. Miserable hot weather. Even if you are old, who wants to be surrounded by nothing BUT old people?

[Obamanaut]

27. There are a lot of young people, and nice old people, in the part of the

state I live in.

As for miserable hot weather, it's 45 degrees on my porch.

[moondust]

29. California is both 2nd worst and 5th best at this site.

http://www.topretirements.com/blog/great-towns/our-worst-states-to-retire-list.html/

http://www.topretirements.com/blog/great-towns/what-are-the-best-states-for-retirement.html/

:shrug:

[Anakin Skywalker]

30. This stupid article should factor in CULTURAL THINGS!

Money alone can't possibly make everyone happy, except gold-hoarding, teabagging DINOSAURS!