USAWorld News

The Most Expensive US States to Retire

Besides being home to the most expensive city in the world, New York is the least affordable US state to retire in.

That’s according to WalletHub’s “2023 Best States to Retire,” which compared all 50 states in three main categories: affordability, quality of life, and health care.

For the affordability measure, WalletHub used data from various agencies such as the US Census Bureau and the Council for Community and Economic Research. The ranking looked at the adjusted cost of living, general taxation and the annual cost of home services, along with other factors.

While New York ranked 10th in the quality of life category and 16th in health care, it came in 50th for affordability. This is likely because it has the second highest adjusted cost of living, behind Alaska, and the third highest tax rate, according to WalletHub.

Even $1 million in retirement savings would only cover your living expenses for about 14 years, a fraction of the 25 years or more that retirement typically lasts.

Don’t expect to find affordable prices across the Hudson River, either: New Jersey ranks second among the most expensive states to retire to.

Here are the 10 most expensive states to retire in, according to WalletHub:

  1. new York
  2. New Jersey
  3. Vermont
  4. Massachusetts
  5. Maryland
  6. Washington
  7. Connecticut
  8. Maine
  9. Illinois
  10. Oregon

Retirement will be different for everyone, and there are several factors to consider.

While a state’s cost of living is often significant, retirees may also think about how close they will be to family and how easily they will be able to access health care and engage in social activities, Alan Castel, a professor at the University of California, Los Angeles, and author of “Better with Age: The Psychology of Successful Aging,” said in the WalletHub report.

If you’ll be living on a fixed income in retirement, it’s important to regularly review your budget and future financial commitments, Castel said.

“Sometimes our spending habits need to be reassessed, and many senior discounts can be used to lower bills,” he said. “It may also be worth considering reducing or minimizing certain costs that are no longer necessary.”

DO NOT MISS : Want to be smarter and more successful with your money, your job, and your life? Subscribe to our new newsletter

Get CNBC Free Warren Buffett’s Guide to Investingwhich wraps up the billionaire’s best advice for regular investors, do’s and don’ts, and three key investing principles in one clear and simple guide.

Check: Americans Think It Takes $1.7 Million To Retire Comfortably: Here’s How Much You Need To Save Each Month To Reach 65


Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.
Back to top button