Retirees have much to consider when choosing the best place to age in place. And while some states might be great places to raise a family, work or visit, they might not be well suited for retirees.
Kiplinger ranked the 10 worst states for retirement — including the District of Columbia — based on economic health, affordability, low crime rates, the presence of a robust retirement-age community and the tax situation of each state.
At the top of the list is the capital of the United States, which has a small share of senior residents and high cost of living.
The median age in D.C. is 33.8 years old, compared with 37.3 for the U.S., Kiplinger says, noting that it also has the second-highest cost of living in the U.S. after New York.
“Specifically for folks 65 and older, the median home value is $424,400, the highest on this list and second only to Hawaii,” Kiplinger says. “And though it boasts the highest average income for 65+ households in the country—the D.C. area is home to a great many millionaires—it also suffers a painfully high 14.0% poverty rate among seniors (tied with Mississippi for most impoverished).”
Violent crimes occur at 3.5 times the national rate, and the property crime rate is also higher than average, data show.
Rounding out the top 10 states are California, New Mexico, New York, Minnesota, North Carolina, Nebraska, Oregon, Utah and Texas, respectively.
Although the states are geographically diverse, they all have one thing in common: “above-average living costs that can strain fixed incomes,” Kiplinger says.
Read the report here.
Written by Cassandra Dowell