Retirement planning involves investing wisely during your heyday to build a nest egg that can support you past your prime age. It also involves researching the places to consider and avoid upon retirement. If you want to get the best value for your retirement money, here are nine U.S. states you should be avoiding upon retirement in no particular order:
1) New York
Cheap is something you can never relate to the Big Apple. It may be a relatively safe state, but in the entire United States, it’s the most expensive place to live in. The tax rate and cost of living are also extremely high in New York. In fact, state and local income taxes in New York are the highest in the US while property taxes rank fourth highest in all 50 states.
In 2014, cost of living in the Big Apple soared 120.4% above the national average. Moreover, health care and housing, which are two of the most important staples for seniors, are very expensive in New York. According to reports, a married couple aged 65 years old who retire in New York would be facing health care costs amounting to $413,597. This is 4.7% higher than the national average.
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