Wondering where you might retire when the time comes? Apparently Connecticut is in the top 10 worst states for retirement, according to a new report.
A new Bankrate.com report says Connecticut is the ninth-worst state for retirement. Its main negatives are the nation’s second-highest tax burden and a high cost of living.
The study examined six key factors: cost of living, taxes, health care, weather, crime and residents’ overall well-being.
Connecticut residents fared well in the overall well-being category, though, a Bankrate.com spokesman said. The state ranked 20th on the well-being index. That was offset by the state’s income tax rate and property tax rate both being second highest in the country.
There’s also the high cost of a cup of Joe. If you want to start your day with coffee, BankRate.com said, Connecticut retirees should be prepared to pay 23 percent more than the U.S. average.
Wyoming is the best state for retirement. South Dakota, Colorado and Utah rank second, third and fourth, respectively. The western states boast strong well-being scores and they also offer a low cost of living and below-average crime.
New York is the worst state for retirement, owing mostly to the nation’s highest tax burden and a high overall cost of living. West Virginia, Oregon, Arkansas and Louisiana comprise the rest of the bottom five.
