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Rising costs are a headache for many these days, and perhaps the most pressing issue among those nearing retirement.
Between spending less time to save, waiting for investments to rebound, and stubbornly high inflation, one of the best ways to keep your spending in check is to live somewhere affordable. It could mean shrinking, relocating, or both.
With that in mind, in the affordable category WalletHub Rankings for 2023 Our list of best states for retirees provides a good starting point for deciding where to live or not to live in retirement. It takes into account costs, the proportion of older people who cannot afford to see a doctor.
According to these metrics, the most expensive states to retire are:
15. Pennsylvania
In addition to scoring poorly for affordability, Pennsylvania was found to be the fourth worst state for taxpayers by WalletHub. On the bright side, they don’t tax Social Security benefits like some states do.
14. Nebraska
Nebraska ranks moderately in the WalletHub rankings for quality of life (16th) and healthcare (15th), but it comes at a price. One bright spot, though, is that Nebraska plans to cut her taxes in 2023 and every year through 2027.
13. Hawaii
Hawaii’s beaches may shine as brightly in retirees’ minds as Florida beaches, but there’s a big difference in the price of island life. is the highest.
12. Rhode Island
Rhode Island was ranked one of the most expensive states for groceries last year. consumes more than 7% of her state’s household budget. It’s also one of the states with the highest risk of financial crime, which often targets seniors, as explained in 9 States with the Highest Risk of Identity Theft and Fraud.
11. Minnesota
Minnesota is one of the states with the longest life expectancy, with a resident life expectancy of about 84 years. Best hospital in the country Rochester city.
Keeping costs in check is all the more important as you have to live out your retirement savings, but according to WalletHub, Minnesota is the state with the highest cost of in-home services.
10. Oregon
As far as West Coast states are concerned, it could be worse. But overall, Oregon has a high cost of living and is known for having the highest cost of home services in the country, according to WalletHub.
It may be worth it, but the state’s residents have a life expectancy of 19.3 years, well past the typical retirement age of 65. This is one of the longest life expectancies in the country.
9. Illinois
According to WalletHub, Lincoln Land has the distinction of being the worst state when it comes to taxes. Chicago in particular is he one of the highest tax cities in the country.
8. Main
According to WalletHub, Maine has excellent health care and quality of life, and the state with the highest proportion of seniors in the population, but it comes at a price.
However, if we had to choose between Portland, Oregon and Portland, Maine, we consider the latter one of the “7 Most Beautiful Places to Retire in America.”
7. Connecticut
Connecticut offers the 3rd best health care in the US, but is the 2nd worst state when it comes to taxes, with a typical household paying nearly 15% in state and local taxes. .
6. Washington
Washington State has the second most expensive home care services in the country and is generally quite expensive. But if you’re looking to live there, small Wakeiacum County is relatively affordable and has some beautiful communities along the Columbia River.
5. Maryland
Maryland has the 5th best hospitals in the country. Johns Hopkins Hospital, according to US News & World Report. But overall, WalletHub found that the state’s healthcare index scores ranked him 19th in the country. It’s also not a particularly affordable place to retire.
4. Massachusetts
Massachusetts has the best quality of life and the second best healthcare system, according to WalletHub rankings. But by now you know the problem – it also has the second highest adjusted cost of living.
3. Vermont
Vermont ranks second in the WalletHub health care index, but only two states rank below Vermont for affordability. It’s no wonder we have the largest elderly workforce in the country—the bills have to be paid one way or another.
However, it has a rapidly growing elderly population and some of the most beautiful fall scenery imaginable.
2. New Jersey
No matter how you look at it, New Jersey has a high cost of living. According to a recent survey, her living wage for one adult working here, or the wage required to enjoy a basic standard of living, is $20.57 an hour, making her the fifth worst state in the country. is.
1. New York
New York has the fourth-highest adjusted cost of living (after Hawaii, Massachusetts, and California), but ranks overall as the state with the highest cost of living for retirees. Go to Wallet Hub.