Yahoo Finance Avoid These 30 States in Retirement If You Want To Keep Your Money
Finding the right place to live out your retirement years isn’t easy. There’s a lot to consider, such as the cost of living, access to healthcare and taxes. Besides financial concerns, you’ll want to select a place that suits your lifestyle and offers activities that appeal to you, such as golf or the arts.
Check Out: 3 Cities To Retire In That Are as Awesome as Honolulu and San Francisco but Way Cheaper
Learn More: The Surprising Way You Can Get Guaranteed Retirement Income for Life
Some states are more retiree friendly than others. If you’ll receive a pension or Social Security, consider whether your chosen state taxes your benefits. If you plan to buy a new home or already own one, compare property tax rates. You’ll find that your money stretches farther in some states than others.
Another factor is access to healthcare. If you have a medical condition, look for a location that provides the treatment you need. As you age, you may need additional medical care, including assisted living or nursing home services. Costs for healthcare needs may differ significantly from state to state.
GOBankingRates analyzed all 50 states across several financial factors, including state sales tax rates, property tax, home values, annual healthcare spending, cost of living and average Social Security benefits. Here are the 30 most expensive states for retirees, according to the findings.
Also see the worst states to retire if you have no more than $500,000 saved.
California
State Sales Tax: 8.85%
State Tax on Social Security Benefits: No
Median Property Tax Rate: 0.75%
Median Home Value: $802,223
Average Annual Healthcare Spending: $8,181
Cost of Living Index: 138.5
Average Social Security Benefits: $1,883
Discover More: 16 Best Places To Retire in the US That Feel Like Europe
Also Read: I’m an Economist — Here’s My Prediction for Social Security If Biden Wins the 2024 Election
Wealthy people know the best money secrets. Learn how to copy them.
Vermont
State Sales Tax: 6.36%
State Tax on Social Security Benefits: Yes
Median Property Tax Rate: 1.83%
Median Home Value: $384,416
Average Annual Healthcare Spending: $7,992
Cost of Living Index: 115.3
Average Social Security Benefits: $2,045
Explore More: 8 States To Move to If You Don’t Want To Pay Taxes on Social Security
Rhode Island
State Sales Tax: 7.00%
State Tax on Social Security Benefits: Yes
Median Property Tax Rate: 1.40%
Median Home Value: $462,130
Average Annual Healthcare Spending: $8,121
Cost of Living Index: 110.7
Average Social Security Benefits: $2,018
Hawaii
State Sales Tax: 4.50%
State Tax on Social Security Benefits: No
Median Property Tax Rate: 0.32%
Median Home Value: $993,855
Average Annual Healthcare Spending: $9,282
Cost of Living Index: 180.3
Average Social Security Benefits: $1,942
Connecticut
State Sales Tax: 6.35%
State Tax on Social Security Benefits: Yes
Median Property Tax Rate: 1.79%
Median Home Value: $419,568
Average Annual Healthcare Spending: $8,196
Cost of Living Index: 112.8
Average Social Security Benefits: $2,171
Be Aware: 8 Myths About Debt That Boomers Must Stop Believing Before They Retire
New Mexico
State Sales Tax: 7.62%
State Tax on Social Security Benefits: Yes
Median Property Tax Rate: 0.67%
Median Home Value: $300,959
Average Annual Healthcare Spending: $7,487
Cost of Living Index: 94
Average Social Security Benefits: $1,789
New York
State Sales Tax: 8.53%
State Tax on Social Security Benefits: No
Median Property Tax Rate: 1.40%
Median Home Value: $436,305
Average Annual Healthcare Spending: $8,023
Cost of Living Index: 125.9
Average Social Security Benefits: $1,931
New Jersey
State Sales Tax: 6.60%
State Tax on Social Security Benefits: No
Median Property Tax Rate: 2.23%
Median Home Value: $529,436
Average Annual Healthcare Spending: $7,487
Cost of Living Index: 113.9
Average Social Security Benefits: $2,139
Massachusetts
State Sales Tax: 6.25%
State Tax on Social Security Benefits: No
Median Property Tax Rate: 1.14%
Median Home Value: $633,964
Average Annual Healthcare Spending: $8,513
Cost of Living Index: 146.5
Average Social Security Benefits: $2,080
Learn More: I’m a Financial Planner — 5 Ways Not To Spend Down Your Savings in Retirement
Colorado
State Sales Tax: 7.81%
State Tax on Social Security Benefits: Yes
Median Property Tax Rate: 0.55%
Median Home Value: $561,299
Average Annual Healthcare Spending: $7,570
Cost of Living Index: 105.1
Average Social Security Benefits: $2,022
Texas
State Sales Tax: 8.20%
State Tax on Social Security Benefits: No
Median Property Tax Rate: 1.68%
Median Home Value: $304,538
Average Annual Healthcare Spending: $7,080
Cost of Living Index: 92.7
Average Social Security Benefits: $1,836
Alaska
State Sales Tax: 1.82%
State Tax on Social Security Benefits: No
Median Property Tax Rate: 1.04%
Median Home Value: $367,805
Average Annual Healthcare Spending: $11,167
Cost of Living Index: 125.2
Average Social Security Benefits: $1,875
Kansas
State Sales Tax: 8.65%
State Tax on Social Security Benefits: Yes
Median Property Tax Rate: 1.34%
Median Home Value: $224,241
Average Annual Healthcare Spending: $7,306
Cost of Living Index: 87.1
Average Social Security Benefits: $1,996
Find Out: 4 Expenses Retirees Regret Keeping in Their Budgets, According to Experts
Montana
State Sales Tax: 0%
State Tax on Social Security Benefits: Yes
Median Property Tax Rate: 0.74%
Median Home Value: $458,022
Average Annual Healthcare Spending: $7,367
Cost of Living Index: 102.9
Average Social Security Benefits: $1,824
Illinois
State Sales Tax: 8.86%
State Tax on Social Security Benefits: No
Median Property Tax Rate: 2.08%
Median Home Value: $262,741
Average Annual Healthcare Spending: $7,163
Cost of Living Index: 92.1
Average Social Security Benefits: $1,947
Minnesota
State Sales Tax: 8.04%
State Tax on Social Security Benefits: Yes
Median Property Tax Rate: 1.11%
Median Home Value: $337,425
Average Annual Healthcare Spending: $8,234
Cost of Living Index: 94.1
Average Social Security Benefits: $2,109
Washington
State Sales Tax: 9.38%
State Tax on Social Security Benefits: No
Median Property Tax Rate: 0.87%
Median Home Value: $605,770
Average Annual Healthcare Spending: $9,078
Cost of Living Index: 116
Average Social Security Benefits: $2,082
Check Out: 5 Signs Boomers Have Enough Savings To Last in Retirement
Maine
State Sales Tax: 5.50%
State Tax on Social Security Benefits: No
Median Property Tax Rate: 1.24%
Median Home Value: $389,059
Average Annual Healthcare Spending: $7,759
Cost of Living Index: 109.9
Average Social Security Benefits: $1,868
Utah
State Sales Tax: 7.25%
State Tax on Social Security Benefits: Yes
Median Property Tax Rate: 0.57%
Median Home Value: $528,822
Average Annual Healthcare Spending: $6,861
Cost of Living Index: 103.2
Average Social Security Benefits: $2,035
Ohio
State Sales Tax: 7.24%
State Tax on Social Security Benefits: No
Median Property Tax Rate: 1.59%
Median Home Value: $225,256
Average Annual Healthcare Spending: $7,382
Cost of Living Index: 94.7
Average Social Security Benefits: $1,836
Louisiana
State Sales Tax: 9.56%
State Tax on Social Security Benefits: No
Median Property Tax Rate: 0.56%
Median Home Value: $200,071
Average Annual Healthcare Spending: $7,442
Cost of Living Index: 91
Average Social Security Benefits: $1,684
Read More: 9 Moves for Retirement Planning To Make Now If You’re Worried About the Economy
Nevada
State Sales Tax: 8.24%
State Tax on Social Security Benefits: No
Median Property Tax Rate: 0.59%
Median Home Value: $448,674
Average Annual Healthcare Spending: $6,914
Cost of Living Index: 101
Average Social Security Benefits: $1,779
Florida
State Sales Tax: 7.00%
State Tax on Social Security Benefits: No
Median Property Tax Rate: 0.91%
Median Home Value: $415,201
Average Annual Healthcare Spending: $7,276
Cost of Living Index: 100.7
Average Social Security Benefits: $1,859
Mississippi
State Sales Tax: 7.06%
State Tax on Social Security Benefits: No
Median Property Tax Rate: 0.67%
Median Home Value: $177,510
Average Annual Healthcare Spending: $7,419
Cost of Living Index: 86.3
Average Social Security Benefits: $1,659
Georgia
State Sales Tax: 7.38%
State Tax on Social Security Benefits: No
Median Property Tax Rate: 0.92%
Median Home Value: $329,225
Average Annual Healthcare Spending: $7,563
Cost of Living Index: 90.8
Average Social Security Benefits: $1,818
Find More: I’m a Baby Boomer Who Had To Unretire — 3 Money Lessons I Wish I’d Known
Wisconsin
State Sales Tax: 5.70%
State Tax on Social Security Benefits: No
Median Property Tax Rate: 1.61%
Median Home Value: $298,247
Average Annual Healthcare Spending: $8,467
Cost of Living Index: 95.1
Average Social Security Benefits: $1,977
Arkansas
State Sales Tax: 9.45%
State Tax on Social Security Benefits: No
Median Property Tax Rate: 0.64%
Median Home Value: $202,829
Average Annual Healthcare Spending: $6,598
Cost of Living Index: 89
Average Social Security Benefits: $1,715
North Carolina
State Sales Tax: 7.00%
State Tax on Social Security Benefits: No
Median Property Tax Rate: 0.82%
Median Home Value: $330,655
Average Annual Healthcare Spending: $8,151
Cost of Living Index: 95.3
Average Social Security Benefits: $1,900
Oklahoma
State Sales Tax: 8.99%
State Tax on Social Security Benefits: No
Median Property Tax Rate: 0.89%
Median Home Value: $204,508
Average Annual Healthcare Spending: $6,982
Cost of Living Index: 86.2
Average Social Security Benefits: $1,815
North Dakota
State Sales Tax: 7.04%
State Tax on Social Security Benefits: No
Median Property Tax Rate: 0.98%
Median Home Value: $258,005
Average Annual Healthcare Spending: $8,384
Cost of Living Index: 94.6
Average Social Security Benefits: $1,908
More From GOBankingRates
This article originally appeared on GOBankingRates.com: Avoid These 30 States in Retirement If You Want To Keep Your Money
