In retirement planning, where to retire can be as crucial a decision as when.
They are singing about the city, not the state, but for those who choose the Empire State in which to live in retirement, it’s true: If you can make it there, you can make it anywhere. New York ranks among the 10 worst states in which to retire, according to a new report by Money-Rates.com.
It’s not so much crime that earned New York its ranking. The state, perhaps surprisingly, holds the nation’s lowest rate of property crime per capita. It is more the oft-times harsh climate and high standard of living. These are three of five overall categories author Richard Barrington, CFA, considered in determining the worst states in which to retire. The other two are the size and growth of the state’s senior population and life expectancy at age 65.
In retirement planning, where to retire can be as important as when. The primary financial fear of affluent households, according to Spectrem’s Millionaire Corner research, is running out of money in retirement. Making an ill-considered choice can drain retirement savings.
What other states made Money-Rate.com’s list of worst states to retire: In ascending order:
Alabama: Sweet home Alabama? Not if your aged 65 and up. Life expectancy for these Alabaman retirees is among the worst in the nation, as are their violent and property crime rates.
Michigan: On the one hand, the size and the growth rate of its senior population are above average. But Michigan rates in the bottom 10 overall in every other category, especially economic factors.
Maryland and Georgia (along with New York): A three-way tie. Maryland’s high cost of living can deplete modest retirement savings. Its crime rate tops the national average, and its senior population is smaller. Georgia ranks well for its climate, but well below average in every other category, the survey notes.
Nevada: Not a good bet for retirement, the report concludes. Violent crime per capita in Nevada is the second worst of any state. Add to this a struggling economy and a life expectancy well below the national average.
Illinois: More retirees are working part-time jobs. Illinois’ weak labor market is not a plus for them. Add to this high property taxes, a senior population well below the national average and the weather
Tennessee has the highest incidence per capita of violent crime in the country, and finds itself among the worst 10 for property crime as well. Furthermore, Tennessee has a bottom-10 ranking for senior life expectancy.
Crime, too, is a problem for those who choose to retire in Louisiana as is its life expectancy at age 65. Only its climate, the report states, saves it from being the worst spot in the country for retirement.
That dishonor goes to Alaska with its harsh climate, high cost of living and a weak labor market. Alaska ranks below average in every category in the study, and has the lowest proportion of people ages 65-and-older of any state.
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.