Retiring here ruins your golden years

Jim_SamsonPerhaps the most important part of any retirement plan is where you want to retire. But you’re not alone if you hadn’t given much thought to moving out of your current home.

With that being said, knowing which states are better for retirees than others can be the difference between your dream retirement and a nightmarish one.

And I’m here to make sure you have every chance to escape these horrible retirement spots…

What should you be concerned about (beyond the weather) when considering where you plan to live out the most liberated part of your life?

  • Housing costs,
  • Medical costs,
  • Employment conditions for people over 55, 65, etc.,
  • Tax rates,
  • Workplace retirement program participation…

That list can probably go on for some time, but those are some of the most vital aspects of a retirement destination.

And getting even just 1 or 2 of them “wrong” can do significant damage to your quality of life as you enter into post-work ages and beyond, even if you plan on continuing to work.

With that in mind, here are the 3 worst states to retire in:

1. South Carolina

The first warning about this southern state is the terrible mixture low average wages for older workers AND high unemployment for 55-year-olds and older.

Also worrisome about South Carolina is the fact that workers’ 401(k)s are almost the lowest in the nation. Plus, don’t expect a strong amount of participation in workplace retirement programs in this state.

2. California

First of all, the second highest unemployment rate for those 55 and older resides in this state. On top of that, expensive housing and relatively high taxes on retirement income can drain your retirement savings very quickly.

3. Florida

With the highest out-of-pocket Medicaire costs in the nation and an unattractive Medcaid program, Florida is a surprisingly costly place for retirees to live.

Housing costs are high in the sunshine state as well, but no state income tax does manage to make up for the cons in part.

The interesting thing about this list is that California and Florida are normally high on the list of destinations for those approaching retirement age. And while they will still remain very attractive options for many people, their characteristics could prove to be the monkey wrench in your dream retirement plan.

Make sure you take the time to pick out the perfect place to spend your golden years…

Bookmark and Share facebook twitter twitter

Leave a Comment

*