It Turns ‘Last Frontier’ State May Be The Last Place You Want To Retire: Alaska Has Been Rated the Worst Retirement Case, According to a New Report bank arrangement.
To determine the best and worst states for retirement, Bankrate weighs five categories: affordability (40%), wellness (20%), culture (15%), weather (15%), and crime (10%). The combined total score was used to determine each state’s ranking.
Alaska was dragged down the list by its low scores on affordability and weather. However, there are still positives to retirement in the northernmost states: Alaskans bear the lowest tax burden in the country, according to the report.
Here are the seven worst states to retire in 2022, according to Bankrate.
- New Mexico
Despite the notoriously high cost of living, New York did not fall near the bottom of the list. The state’s ranking got a boost from high scores in the health and wellness categories, putting it somewhat in the middle.
Bankrate acknowledges that there is a lot of subjectivity in choosing a place to retire. The categories in this order may not reflect everyone’s priorities. For example, proximity to family plays a major role in deciding where to settle for many retirees.
“When I see people retiring and moving to different parts of the country, 70 to 80 percent of the time, it’s close to family,” Clark Kendall, president of Kendall Capital Management and author of “Middle-Class Millionaire” told Bankrate. .
Retirees soon may want to consider visiting different locations to get a sense of what it might be like to live there for the long haul.
“Go to a variety of different places that you seem to gravitate to — places with a lower cost of living and low property taxes — and test it out for a while,” Laura Kovacs, former director of education for the Scottsdale-area Association of Arizona Realtors and New Retirees, told Bankrate.
“When you’re still working, take some time to go check out different types of communities and different types of lifestyles,” she says. “And when you retire, you’ll probably try to rent for a while before you commit to buying.”
Open an account now: Get smarter about your finances and career with our weekly newsletter
do not miss: Here’s how much Americans save for retirement at each age
“Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff.”
SVB failure is a ‘written case of ‘mismanagement’
China’s Baidu reveals more capabilities of its AI-powered chatbot Ernie
Asian stocks are volatile as banks face default pressure