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Bankrate: NY Ranked as the Worst State to Retire

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BUFFALO, NEW YORK — August 9, 2018

The well-known financial company Bankrate, which also serves as an Internet portal for conducting personal financial history, conducted a survey, which ranked New York as the worst state in the country to retire. New Jersey and Connecticut came close behind.

According to the survey, the worst states in the country to retire are:

  • New York (50th place);
  • New Mexico (49th place);
  • Maryland (48th place);
  • Louisiana (47th place);
  • Arkansas (46th place).

At the same time, the States in which people said they would prefer to live after retirement were also unexpected:

  • Florida (5th place);
  • New Hampshire (4th place);
  • Idaho (3d place);
  • Utah (2nd place);
  • South Dakota (1st place).

“No one would think of South Dakota as a winner to retire. But if you look into it, you see how people there have very good social relationships, and feel a sense of purpose with the community,” said analyst Taylor Tepper.

In South Dakota -- one of the most tax-friendly states in the U.S. -- residents pay no personal income tax, and the median rent for a 1-bedroom apartment is $565, according to data from Apartment List.

 “They savor their day-to-day lives, feel financially secure and have a strong sense of community,” Tepper added. “Residents in the other top states feel similarly. These attributes may better determine what makes for a satisfying retirement than, say, warm weather.”

New York is also ranked the worst for cost of living across the nation, although not as badly as expected when it comes to crime. New York is also ranked as one of the worst states to retire in the category of 'health.' In New York, the average personal income tax rate ranges from 4% to 8.82% over eight income brackets. The average rent for a 1-bedroom apartment ranged from $1,231 to $2,115, according to Apartment List.

In conducting the roundup of the best and worst states to retire to in the U.S., Bankrate analyzed a variety of metrics, including the cost of living, crime, culture, health care quality, and weather. Each of the seven categories was weighted, and data was taken from a variety of government and education sources to arrive at a score.

So it was: the life prices — 20 %, the taxes — 20%, the health — 15%, the weather — 15%, the crime — 10%, the culture — 10% and the safety — 10%.

A year earlier, a survey showed that about 47 percent of Americans want to move after retirement. In addition, it was shown that couples feel much better about the process than those who prefer to live alone.

Earlier USA Really reported that for many pensioners, retirement is proving to be a time of bitterness and bankruptcy. Five times more pensioners are going bankrupt than they were a decade ago, as older people face soaring levels of debt.

Author: USA Really