Worst Retirement Destinations

There are dozens of lists available for the “best retirement spots,” but where can you find information about the retirement destinations you should avoid like the plague?  TopRetirements.com has released results of their most recent study of the worst states to retire to and the conclusions may be surprising.

The study, based mainly on objective data such as tax rates, weather and cost of living, ranked ten states as the worst in the union to retire to.  Seven of these worst ten states earned the same honor last year!  Here is the first half of their list and a short explanation of why each state earned it’s spot:

  1. Connecticut: high taxes and cost of living
  2. Illinois: state is in severe fiscal trouble
  3. Rhode Island: high property taxes
  4. Vermont: high property and income taxes
  5. Massachusetts: high taxes, although social security income is exempt

What is less surprising about the list is that most of the top ten worst states for retirees are positioned in the northeast, partly because of the unfavorable climate and generally high property taxes, two key factors in the study.

To find more information on this topic and use a tool that allows you to customize the ranking specific to your tastes, visit http://tinyurl.com/7qlcj4b.

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The information in this material is only as current as the date indicated, and may be superseded by subsequent market events or for other reasons. While all information prepared in this document is believed to be accurate, any statements of opinion constitute only current opinions of Payne Wealth Partners, Inc., which are subject to change and which Payne Wealth Partners, Inc. does not undertake to update. Accordingly, you should not put undue reliance on these statements. The information does not attempt to examine all the facts and circumstances that may be relevant to an individual’s financial needs. Payne Wealth Partners, Inc. is not soliciting any action based on these statements.

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