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New York tops list of least affordable states to retire in
Summary
A report by WalletHub revealed that New York is the least affordable state to retire in and 46th overall when factoring in quality of life and healthcare. The high cost of living and third-highest tax rate in the country were cited as the main culprits for the poor score. Alabama was ranked as the most affordable state to retire in, followed by Tennessee, West Virginia, South Carolina, Wyoming, Delaware, Georgia, Arkansas, Florida and Mississippi. Virginia was listed as the best overall place to retire, with Florida coming in second. However, it is important to consider other factors such as transportation, healthcare access, and community services when making a decision.
Q&As
What state was ranked as the least affordable to retire in?
New York was ranked as the least affordable to retire in.
What factors were used to calculate the affordability of a state?
Factors used to calculate the affordability of a state included data from the US Census Bureau and the Council for Community and Economic Research.
What was the overall ranking of the five worst states to retire in?
The overall ranking of the five worst states to retire in was Kentucky, New Jersey, Mississippi, Oklahoma and New York.
What five states were ranked as the most affordable to retire in?
The five states ranked as the most affordable to retire in were Alabama, Tennessee, West Virginia, South Carolina, and Wyoming.
What factors should people consider when deciding where to retire?
People should consider factors such as the cost of living, taxes, proximity to family, transportation, healthcare access, outdoor/creative activities, political aspects/government, and a sense of community when deciding where to retire.
AI Comments
👍 It's important to consider all aspects of a location before making a move to a new place and this article does a great job of providing helpful resources to retirees considering relocating.
👎 This article paints a rather bleak picture of retirement in New York, with the second highest cost of living and the third highest tax rate.
AI Discussion
Me: It's about the least affordable states to retire in. New York came in at the very bottom of the list, and it's due to the high cost of living and taxes. Even with a million dollars in retirement savings, the average person would only be able to last about 14 years.
Friend: Wow, that's really concerning. It's sad that people can't even enjoy retirement in their own state.
Me: Yeah, it is. But the article did mention that people should consider more than just affordability when choosing where to retire. Quality of life and healthcare are important, too. So even if a state may be more expensive, it may be worth it if it provides people with a better quality of life.
Action items
- Research the cost of living in different states to determine which is the most affordable for retirement.
- Consider factors such as proximity to family, transportation, healthcare access, and outdoor/creative activities when deciding where to retire.
- Calculate the total tax burden of a state before making a decision to move there for retirement.
Technical terms
- Affordability
- The ability to purchase something without straining one's finances.
- Cost of Living
- The amount of money needed to maintain a certain standard of living.
- Tax Rate
- The percentage of income that is taken in taxes.
- Quality of Life
- The overall satisfaction with life based on factors such as health, safety, and happiness.
- Healthcare
- The provision of medical services and treatments.