Most of us won’t be retiring anytime soon. But for those few who will be saying goodbye to the workforce forever in the next few years, the people at TopRetirements.com have put together their list of the worst states in which to live out your golden years.
Here is TopRetirment’s list of the bottom of the barrel:
1. Illinois: IL’s fiscal health could be the worst of any state. It even borrowed money to fund its pension obligations!
2. California: The Golden State is expensive and its finances are in disarray. Has paid bills with vouchers. Does have a warm climate.
3. New York: Very high taxes, including property taxes. Second highest tax burden and 5th highest per-capita property taxes. Dysfunctional state legislature. Very expensive to live here. Most pensions are exempt, however.
4. Rhode Island: Probably the worst off state in the Northeast from a financial viewpoint. High taxes. Does have some great places to live.
5. New Jersey: The highest property taxes in the U.S. as well as the highest tax burden (as reported by the Tax Foundation) Has serious pension funding issues.
6. Ohio: High taxes (7th highest tax burden) and unemployment. Cold winters.
7. Wisconsin: A high tax state (9th highest tax burden) with cold weather. High property taxes. But it does not tax military pensions.
8. Massachusetts: High taxes including high property taxes. Very high cost of living.
9. Connecticut: CT has the 3rd highest tax burden of any state, taxes social security, and has very high property taxes. It has some terrific places to live, but the cost of living is very high.
10. Nevada: The foreclosure capital of the world. State is having financial problems. But it does not have an income tax (yet).
The site does add the caveat that its list might be “totally irrelevant” to some people:
Folks for whom money or taxes are not important will find our worst 10 list of little value, because they have other considerations that are far more important. For example, those who want to retire near their family members have such an important driver that the “worst” state on this list could be their “best.”
Our Worst States to Retire List [TopRetirements.com]