The 10 Most Expensive States to Retire In

If you have already or are approaching retirement, you may be contemplating where to live out your golden years. But you may not want to throw away your hard-earned savings on something like the cost of living.

For this, personal finance news outlet WalletHub has you covered. The organization conducted a study to determine the costliest states to retire in the U.S. The study took into account several factors including affordability, health-related factors and overall quality of life.

Here are the top 10 most expensive states to retire.

10. New Jersey
10. New Jersey

New Jersey's consumer staples come with almost a 7% premium, which can be tough for retirees living on a fixed income. New Jersey residents must report pensions, annuities and some IRA withdrawals on their tax returns, and the state slaps an inheritance tax of up to 16% on residents.

9. California
9. California

California also ranks number 42 in "healthcare quality" according to a Bankrate study, and number 45 in tax rate efficiency for residents.

8. North Dakota
8. North Dakota

The Peace Garden State ranks near the bottom in terms of "Quality of Life," according to WalletHub.

7. Minnesota
7. Minnesota

For retirees not fond of the winter, it snows on average 44.3 inches a year in Minnesota, compared with 25 inches for the U.S. overall.

6. New York
6. New York

Cost of living in the state is 29% above the U.S average, according to Kiplinger, with New York City averaging a cost of living rate that's a whopping 127% higher than the national average.

5. Massachusetts
5. Massachusetts

The city of Boston is among the most expensive cities to rent out of the 124 global cities assessed by online realtor Nested.

4. Vermont
4. Vermont

The overall cost of living in Vermont is 16% higher than the national average

3. Connecticut
3. Connecticut

Connecticut's low affordability, cold weather, pinched government services and the fact that its main roadway artery, Interstate 95, is one of the most traffic-clogged highways in the U.S., makes it no bargain for value-minded retirees.

2. Hawaii
2. Hawaii

Hawaii has the second-highest property crime rate in the U.S., a big problem for safety-minded seniors.

1. Rhode Island
1. Rhode Island

Rhode Island ranks near the bottom of the list of just about every key category that matters to retirees, including cost of living, taxes, weather, and cultural activities.

Advertisement

More from Debt Management

How to Save Money: Daily, Weekly and Lifelong Habits

How to Save Money: Daily, Weekly and Lifelong Habits

How to Prevent Debt From Destroying Your Retirement

How to Prevent Debt From Destroying Your Retirement

How Long Does It Take for a Check to Clear?

How Long Does It Take for a Check to Clear?

How to Write a Check: Six Steps With Examples

How to Write a Check: Six Steps With Examples

What Is a Robo Advisor and How Do You Choose One?

What Is a Robo Advisor and How Do You Choose One?