The 15 Most Expensive States for Retirees – Money Talks News | CarTailz

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Rising costs are of concern to many these days, but perhaps most urgently to those nearing retirement.

With less time to save or wait for investment recovery, and costs stubbornly high and inflationary, one of the best ways to keep spending under control is to live somewhere affordable. This can mean downsizing, relocation, or both.

With that in mind, the affordability category in WalletHub’s ranking of the best states for retirees provides a good starting point for figuring out where to live — or not to live, in retirement. It takes into account the cost of living, tax-friendliness, the cost of home services, the cost of adult day care, and the proportion of the elderly population who cannot afford a doctor’s visit.

According to these metrics, the following states are the most expensive states to retire to.

15.Minnesota

Duluth, Minnesota
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Minnesota is one of the longest-lived states, with a life expectancy of around 84 years and the best hospital in the country.

If you need to stretch retirement savings over a long life, it’s even more important to keep your expenses under control, but Minnesota is the second most expensive state for in-home services, according to WalletHub.

14. Pennsylvania

Allentown, Pennsylvania
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Pennsylvania is the fourth-worst state for taxpayers, WalletHub found. Its total effective state and local tax rate for a typical household is about 14%. On the plus side, Social Security benefits aren’t taxed like some states are.

13.Alaska

Anchorage, Alaska
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In sharp contrast to Pennsylvania, Alaska is the lowest tax state in the country, with an effective total tax rate of less than 6%. That’s because there is no income tax, state sales tax, Social Security tax, or inheritance and estate taxes.

Unfortunately, it has the fifth highest cost of living in the country, which may offset the tax benefits.

12. Hawaii

Lanikai Beach in Kailua, Hawaii
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Hawaii’s beaches may sparkle just as brightly in the minds of retirees as Florida’s, but there’s a significant difference in the price of island living. According to WalletHub, Hawaii has the highest cost of living in the country.

11. Rhode Island

Providence, Rhode Island
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Rhode Island has the third-highest annual cost of home services in the country and was also recently ranked among the most expensive states for groceries – eating up 7% of a household’s budget.

10. Maryland

Baltimore houses
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Maryland is home to the nation’s fifth best hospital, Johns Hopkins Hospital. But overall, the state ranks 14th in its scores on health metrics, WalletHub found, and it’s not a particularly affordable place to retire, either.

9. Connecticut

Bridgeport, Connecticut
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Connecticut is the second worst state when it comes to taxes, with a typical household paying a nearly 15% rate for state and local taxes.

8.Oregon

Bridge over Willamette River, Oregon
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As for the West Coast states, you could do worse. But overall, Oregon is an expensive place to live, and residents of the state can expect to live 19.3 years past the typical retirement age of 65.

7. Maine

Portland, Maine
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Maine has excellent healthcare and quality of life, but these come with a significant price tag, according to WalletHub.

However, if you had to choose between Portland, Oregon and Portland, Maine, we consider the latter one of “The 7 Best Places to Retire in America.”

6. Massachusetts

Worcester, Massachusetts
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Massachusetts has the highest quality of life and third best healthcare system according to WalletHub rankings. But by now you know the catch — it also has the fourth highest cost of living.

5. Washington

Spokane, Washington
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Washington state has the most expensive in-home services in the country and is quite expensive overall. But if that’s where you want to live, tiny Wahkiakum County is relatively affordable and has some beautiful communities along the Columbia River.

4. Illinois

Chicago, Illinois
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Illinois has the distinction of being the worst-taxed state, according to a previous WalletHub ranking. The Land of Lincoln has a combined state and local tax rate greater than 15%.

3. Vermont

Lake Memphremagog in Newport, Vermont
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Vermont ranks #2 on WalletHub’s health metrics, but there are only two states that rank below in terms of affordability.

However, it has a rapidly growing senior population and pretty much the most beautiful fall scenery imaginable.

2. New Jersey

Jersey City, NJ
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Any way you look at it, New Jersey is an expensive place to live. The living wage for a single working adult — that is, the wage it takes to enjoy a basic standard of living — is $20.57 an hour, the fifth worst in the country, according to recent research.

1.New York

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New York has the third highest cost of living (after Hawaii and California) but is the most expensive state overall for retirees. One reason is that it’s the third-worst state for taxes, according to WalletHub.

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