Where Retirees Should and Shouldn’t Retire

You had a good professional run and enjoyed a great career. It is now time for you to retire and enjoy a peaceful life ahead. But where you choose to retire will affect the quality of your life as a retiree. Various factors such as tax rates, weather, crime rate etc. will affect your retired life. Taking a life insurance policy is a must and will benefit you in more ways than one.

The Best States

Remember that even if you get excellent healthcare services in these states, life insurance acts as an added benefit. So, don’t skip on it. The top four states include:

Wyoming

It has a low crime rate, low cost of living and the rental prices are on par with national average. Wyoming is the eighth best state for weather. Apart from reasonable rental prices, you get great deals on entertainment and transportation. Additionally, Wyoming has the lowest tax rate with its residents paying the lowest percentage of income tax at just 6.9 percent last year.

Colorado

The Centennial State is more than just a scenic state. With the third best weather in the country, it has moderate summers and ‘not-freezing-cold’ winters. Cost of living and crime rate lie below the national average. It’s ranked sixth for community well-being and offers high health care quality. It ranks sixth highest for happiness and personal contentment levels among retirees.

Utah

Utah claims the sixth spot for having the best weather in the country and seventh for healthcare as well as cost of living. Due to excellent healthcare facilities, it has a lower cancer rate and fewer diabetes-related hospitalizations as compared to other states. Immunizations are widely distributed to the 65-and-older crowd. However, when it comes to tax rates it ranks at twenty-third place.

Virginia

This coastal state has a low crime rate along with a low cost of living. The quality of healthcare is ranked high, has the tenth best weather in the country and secures the fifteenth spot for community well-being. It also has a wide range of outdoor activities for the retirees to indulge in.

The Worst States

If you are retiring anytime soon, you should avoid the following states. If you stay in any of these states, life insurance becomes a must. Look at all available life insurance types and choose the one that best suits you.

Louisiana

Louisiana can boast of an affordable cost of living and Mardi Gras, but that’s where it ends. A high crime rate is a major deterrent. It also lacks in providing quality health care (ranked forty-fifth) and ranks forty-fourth in weather. Louisiana gets low marks for happiness and personal contentment too.

West Virginia

This state finds itself in the last place in two crucial aspects – health care quality and community well-being. There are higher cases of hospitalizations, and has recorded hospital deaths for even those medical conditions with low mortality rates. It ranks forty-seventh in weather and the tax rates put West Virginia in the twenty-third place, making it one of the worst places to settle down after retirement.

Alaska

Alaska is extremely scenic and enjoys one of the lowest tax rates in the country, but it falls short in numerous categories. It has second worst cost of living ranking and records fifth highest crime rate. Apartment rentals are 40 percent more than the national average while real estate is 62 percent higher than national average. Additionally, it has extreme climatic conditions and a frigid weather.

New York

New York is one most populous cities of the country along with being the cultural and financial center. However, it is no place for retirees, thanks to its extremely high cost of living and high tax rates. Its weather is ranked twenty-fifth, and New York’s community well-being has the ninth worst ranking and lacks healthcare quality.

Making financial mistakes can prove costly for retirees since they live on a fixed income. Different factors such as tax rates, cost of living and crime rate will immensely contribute to the planning process. Don’t compromise while considering the quality of healthcare available. Weigh all these factors carefully, taking weather preferences into account before you decide which place to call home in your the golden years.