Posted on 03/20/2023 9:45:07 PM PDT by SeekAndFind
Surprisingly, out of the 10 most expensive states to retire in the United States, California is conspicuously absent from the list.
That is according to a new WalletHub piece that dove into the most affordable places for U.S. citizens to settle down in once their work lives are over - which, nowadays, is somewhere between age 90 and 120.
The study "used data from various agencies such as the U.S. Census Bureau and the Council for Community and Economic Research" and its rankings "looked at adjusted cost of living, general tax-friendliness and annual cost of in-home services, as well as other factors," CNBC wrote.
Topping the list, likely without much surprise, was New York, which ranked dead last in affordability, despite coming in 10th in quality of life and 16th in healthcare. It has the 3rd highest tax rate, the article noted.
$1 million in savings would only cover living costs for about 14 years in New York, the article wrote. Retirement is generally thought to last about 25 years.
Not in the top 10 most expensive was California, which came in 32nd in affordability.
Alan Castel, a professor at the University of California, Los Angeles, and author of “Better with Age: The Psychology of Successful Aging,” is quoted in the report as saying: “Sometimes our spending habits need to be re-evaluated, and many senior discounts can be utilized to lower bills. It may also be useful to consider downsizing or minimizing certain costs that are no longer needed.”
Or, you can work until you're 95.
The full list of the 10 most expensive states to retire in is:
Thats why they all move to Florida
Virginia must be 11th in quality of life because you can spend all your remaining years visiting civil war battlefields.
Statewide rankings of any subject, not just this one, are of very limited value.
Living in New York City is very different from living in Watertown.
Living in Baltimore is very different from living in Cumberland.
Living in Chicago is very different from living in Dixon.
Living in LA is very different from living in Visalia.
Any quality of life indicators you wish to use, will show very different results within states.
I live in the state of Washington and we have no income tax, yet, but our sales tax and property taxes are crushing.....it may chase us out of our home of 30 yrs, our forever home....
Cali is very big state. J away from big cities there are many modestly priced houses.
I am seeing a pattern here...
Unless they already live there, I can’t imagine any sane, sentient human being retiring in the NY/NJ/CT area.
Is this supposed to be a joke?!
Regards,
I would suggest that the qualifiers used for the study...are mostly slanted/biased.
People reaching 60 and considering movement as they retire...tend to look at four essential things:
1. Safety (urban landscapes don’t sell).
2. State taxes.
3. Weather (states like NY, NJ and Mich don’t sell well, but the hurricane record in FL is also a negative).
4. More than basic civilization offerings (reason why much of Kentucky or Michigan ever get on a interest chart). This also influences cost of living.
I will say this...retirement planning and execution are a lot different than twenty years ago. I’d also suggest that today...one out of seven folks who’ve lived their entire life in one state...are willing to move upon retirement to get more bang-for-the-buck or improved weather.
well good only because Hillary and Bill are there, lol.
Wallet Con is a Lefty Woke Joke .
Ignore this Pure garbage website .
Sentient and liberal are diametrically opposed. New York is liberal.
There’s still tons of homeless encampments in CA. It doesn’t cost very much to live in them.
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