Not all states are equal, especially when it comes to retirement friendliness.
You want to retire eventually.
A successful retirement takes planning.
Obviously, you need to save for retirement.
You also want to make sure your retirement savings last longer.
Many fear outliving their financial resources?
According to a recent Think Advisor article titled “12 Worst States for Retirement: 2018,” Bankrate.com took a survey to determine the least desirable states for retirement.
Cost of living and taxes each accounted for 20 percent of the total score.
Health care quality and weather each accounted for 15 percent.
Well-being, cultural vitality, and crime each accounted for 10 percent.
The weight of each factor was given based on the importance expressed by participants in the survey.
What states should you avoid in retirement based on the factors?
Drum roll, please.
These would be Oregon, Oklahoma, South Carolina, Nevada, Washington, Illinois, California, Arkansas, Louisiana, Maryland, New Mexico, and New York.
As you plan for retirement, keep these factors and results in mind.
That noted, your "weighted factors" may differ from these survey participants.
For example, you may be willing to live in any of these "worst" states ... if your grandchildren are there.
Now, for the report on the "best" states for retirement according to another Bankrate.com survey click here.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Think Advisor (July 17, 2018) “12 Worst States for Retirement: 2018”