American Invest Hub
  • Politics
  • Investing
  • Business
  • Latest News

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
Business

The 10 worst states to retire in the U.S. No. 1 isn’t California or New York

by admin August 1, 2024
August 1, 2024
The 10 worst states to retire in the U.S. No. 1 isn’t California or New York

While the best state to retire in the U.S. is also one of the smallest in the country, the worst state to retire is the largest.

Alaska ranks as the worst state in the U.S. to retire for the third year in a row, according to Bankrate’s study of the best states to retire in 2024.

To compile its list of the best and worst places to retire in the U.S., Bankrate ranked all 50 states across five weighted categories:

Bankrate analyzed datasets from a number of sources, including the Council for Community and Economic Research, the U.S. Census Bureau, the Tax Foundation and the National Oceanic and Atmospheric Administration.

Here are the 10 worst states to retire, according to Bankrate.

Notably, Alaska ranks last in the weather category. Although temperatures in Alaska can range from 45 degrees to 75 degrees Fahrenheit in the summer, they can sink as low as negative 10 degrees Fahrenheit in the winter.

Alaska can be an expensive place to live, especially for retirees with a fixed income. On average, the cost of living in Alaska is about 30% higher than the rest of the country, according to RentCafe. Housing costs are about 17% higher than the national average, and utilities and health-care expenses are both nearly 50% higher.

On the upside, Alaska can be a very tax-friendly location for retirees. The state doesn’t have income tax, estate taxes or inheritance taxes and doesn’t tax pension payments or retirement benefits from Social Security.

Lack of affordability appears to be a common thread among the other low-ranking states on the list, which include New York, Washington and California — all known for being relatively pricey.

However, just because a state has a higher cost of living doesn’t necessarily mean you should write it off as a potential retirement destination. You may just need to plan to set aside more money for retirement than you would if you were planning to retire somewhere less expensive.

CNBC Make It’s retirement calculator can help you estimate how much you’ll need to save for retirement based on factors like your current age, savings, income and when you’d like to stop working.

And while living costs can be a key determinant in deciding where you may want to retire in the future, it’s also good to keep other non-financial aspects in mind. For example, access to social and community-building activities is an important, but often overlooked, consideration for retirees, according to Bankrate.

“Having that sense of community and human connection is huge to healthy aging,” Kerry Hannon, a retirement expert and Author of “In Control at 50+: How to Succeed in the New World of Work,” says in Bankrate’s study.

“Isolation and loneliness are not something you want to move toward, so look for your community,” she says.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Boeing taps aerospace veteran Kelly Ortberg to replace Dave Calhoun as CEO
next post
Boeing taps aerospace veteran Ortberg to replace Dave Calhoun as CEO

Related Posts

Is it safe to buy the Tempus AI...

April 9, 2025

Asian markets close: Sensex jumps 1,200 pts, Nifty...

May 15, 2025

Inside India’s booming pet care industry: how pet...

July 23, 2025

Rightmove’s stock is flat over 5 years but...

January 4, 2025

Bitcoin Pepe presale raises $3.5M as Ethereum’s leadership...

February 26, 2025

Trump Media (DJT) stock soars 19%, marks fourth...

October 9, 2024

Why JPMorgan stock could face headwinds despite Trump’s...

November 8, 2024

Possible work stoppage at Canada’s two largest railroads...

August 20, 2024

JPMorgan Chase is opening more small-town branches in...

August 7, 2024

Snapchat’s augmented reality ambitions: a costly bet that...

September 21, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest News

    • FBI raid on John Bolton’s home in Washington linked to classified documents

      August 25, 2025
    • Argentine senate deals blow to Milei’s austerity agenda with university budget boost

      August 25, 2025
    • Jackson Hole Symposium: what Powell said about economic effects of Trump’s tariffs

      August 25, 2025
    • At Jackson Hole, Fed Chair Powell signals possible cuts while warning of uncertainty

      August 25, 2025
    • Trump threatens to fire Fed Governor Lisa Cook amid mortgage fraud allegations

      August 25, 2025

    Categories

    • Business (3,763)
    • Investing (2,783)
    • Latest News (2,048)
    • Politics (1,530)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: americaninvesthub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 americaninvesthub.com | All Rights Reserved