Cost of living: 27 percent above U.S. average
Population: 9.4 million
Best city: Long Beach Township
PROS: The Garden State has a lot to offer retirees. There are many things to see and do, including walking the famous boardwalk or sitting on a bench and enjoying the view in Ocean City. With the great New York City only a train ride away. New Jersey is also rife with history for those who love to learn.
CONS: When you consider the quality of life in states such as South Dakota and Montana, New Jersey has a much higher cost of living. Health care and property taxes are also expensive. This state would not be a good fit for seniors who are on budget or are trying to get the most out of their pensions.
Cost of living : 5 percent below U.S. average
Population : 10.5 million
Best city : Asheville
PROS: With mild temperatures and mostly comfortable weather all year round, North Carolina could be a nice change for retirees who are sick of cold winters or hot summers. The cost of living is below average and real estate is pretty affordable if you are not looking in the Kill Devil Hills area. Also, Social Security benefits are not taxed.
CONS: The cost of living may be low, but so are the incomes with an average of $43,616 for residents that are 65 and over. And although Social Security is not taxed, other retirement income is, at a set rate of 5.9 percent.
Cost of living : 2 percent below the U.S. average
Population : 1.3 million
Best city : Portland
PROS: The perfect place for seafood lovers, you’ll never have a problem getting fresh lobster in Maine. With the cost of living and healthcare costs below the national average, retirees can get more bang for their buck in the Pine Tree State.
CONS: While the tax situation in Maine is not bad, it is not great either with most retirement income taxable. On the other hand, Social Security is exempt and estate tax only applies to expensive estates worth $11.8 million or more. Income levels are not high. Senior households bring in 25.2 percent less than the U.S. average.
Cost of living: 22 percent above U.S. average
Population: 18.823 million
Best city: Great Neck
PROS: The New York City lifestyle could be a good fit for retirees. There is no need to drive, and most things are walking distance, with many delivery options and shops and restaurants right around the corner. Plus, the small living spaces are more manageable and require less maintenance.
CONS: New York City and State may have a lot to offer but they are best suited to the more financially secure retirees. The state is not very tax friendly and there are high poverty rates for residents that are 65 and over.
So, Who knew these were the worst places to retire?
The combination of good healthcare, a low cost of living and low taxes is what makes a certain state the best option for retirement. Although some states are known for their good weather or offer many activities, that does not necessarily mean they are the right place for you to spend your Golden Years. These are the worst states to retire to on the East and West Coasts.
They include Massachusetts, New Jersey, Maryland, New York, Rhode Island, Connecticut, and California. California has a cost of living which is 52 percent above the national average, but the least tax-friendly are Maryland, Connecticut, Massachusetts, Rhode Island, and New York! If you plan on staying in or moving to these states, make sure you are putting away plenty of money for your retirement.